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• <br /> Exhibit M <br /> TOWN OF MASHPEE <br /> NOTES TO FINANCIAL STATEMENTS <br /> YEAR ENDED JUNE 30, 1979 <br />• <br /> f. Motor Vehicle Excise - in addition to the tax <br /> on real and personal property, the Town collects <br />• an annual excise at a uniform state=wide rate of <br /> $66 per $1,000 on the valuation of motor vehicles <br /> as determined by a statutory formula. Motor <br /> vehicle excises are not taken into account until <br /> collected. <br />• g. Tax Possession - Upon foreclosure, a tax title <br /> purchased or taken by the municipality becomes <br /> a "tax possession" and may be held and disposed <br /> of like any land held for municipal purposes. <br /> • h. overlay - The Town is authorized by law to <br /> increase each tax levy by up to five percent for <br /> a reserve against tax abatements. If abatements <br /> are granted in excess of the applicable overlay <br /> reserve, the excess is added to the next. tax levy. <br /> • 2. PENSION PLAN - The Town participates in the contributory <br /> retirement system of Barnstable County that is partially <br /> funded by employee contribution. The Town meets its. <br /> share of the cost on a pay-as-you-go basis by paying <br /> annually to the County system the amount determined by <br /> • the State' s Division of Insurance. Such amount is a <br /> legal obligation of the Town and is required to be <br /> included in its annual tax levy. The retirement system <br /> covers substantially all Town employees except school <br /> teachers, whose pensions are paid by the Commonwealth <br /> • of Massachusetts. The expenditures for the year ended <br /> June 30, 1979 were $62,612. <br /> 3. DEBT - Bonds and notes are generally authorized <br /> on behalf of the Town by two-thirds vote of the <br /> • town meeting. The general debt limit of the <br /> Town consists of a normal debt limit and a <br /> double debt limit. The normal debt limit is <br /> 5 percent of the valuation of taxable property <br /> as best equalized by the Commonwealth of <br /> • Massachusetts. The Town can authorize debt <br /> up to this amount without state approval. <br /> However, there are many catagories of debt <br /> which are exempt from and do not count against <br /> • <br /> CHARLES E. DiPESA & CO., BOSTON, MASS, (617) 423.3555 <br />