AN ACT ESTABLISHING A CAPITAL INVESTMENTS FUND IN THE TOWN OF ROCHESTER.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding any general or special law to the contrary,
the town of Rochester may establish and maintain a special
fund to be known as The Capital Investment Fund with the following
sub-accounts:- town administration buildings, council on aging buildings,
library buildings, highway buildings and projects, public safety buildings such
as for fire, police, communication, emergency medical or paramedic, emergency
response, and elementary schools, and for purchase of land for any municipal
purpose, to include open space, recreation or other conservation purpose.
The town may appropriate to the fund sub-accounts by a
vote at an annual or special town meeting in any year an amount not exceeding
in the aggregate 10 per cent of the amount raised in the preceding fiscal year
taxation of real estate and tangible personal property. The total amount of
the fund in total at any time shall not exceed 10 per cent of the equalized
valuation of the town as defined in section 1 of chapter 44 of
the General Laws. Any interest in each sub-account shall be added to and
a part of that sub-account of the fund.
The treasurer of the town shall be the custodian of the fund and
may deposit proceeds in national banks, trust companies, savings banks, banking
companies or cooperative banks, or invest them in term deposits and
securities that are legal for the investment of funds of savings banks under
laws of the commonwealth or in federal savings and loan associations situated
in the commonwealth. Monies in the sub-accounts may be appropriated at an
annual or a special town meeting by 2/3 vote.
Monies in the sub-accounts are to be used for the purpose of each
and may be appropriated for any purpose for which the town would
be authorized to borrow money under sections 7 or 8 of chapter 44 of the
General Laws, other than clause (1) and (2) of said section 8 of said
chapter 44 and to pay the debt services on the projects.
If the monies in any sub-account are determined not to be required, or in any
town financial emergency, or in case of any change in priority of any project,
may at an annual or special town meeting take funds from any sub-account by
2/3 vote and return them to the General Fund or place them into any other
sub-account of the Capital Fund.
The finance committee and capital improvements committee or similar
committee shall operate in an
advisory capacity to town meeting and consider matters relating to
appropriations from the fund, and may, but are not required to make
recommendations to the town to any board, committee or official
of the town, relative to such matters, and establish policies relative to the
funding of capital projects of the town, and set priorities and
schedules for such capital projects and failing action by the finance and
capital improvement committees, the board of selectmen will act to fulfill