1993-FINANCE COMMITTEE - Laserfiche WebLink

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Page 3 acquire conservation and Recreational Lands, and fund Town of Mashpee major capital projects. Said fund to be administered, as a reserve account, by the Town of Mashpee, equally apportioned to the two specific purposes herein described and subject to town meeting appropriation. The account shall be financed by a two percent registration fee for certain transfers of real estate. Said bill, when approved by the Legislature and signed into Law by the Governor, to be approved in its f inal f orm. by the voters at town meeting in order f or it to be implemented. Ed Baker seconded this Motion and members approved it 4-0. John Ferriday MOTIONED to see if the town will vote to instruct its representative in the General Court to file a bill in the Legislature, in the form of a home rule petition to establish a Town of Mashpee Betterment Reserve Fund. The purpose of said fund to provide sound fiscal management for funds received by the town through the betterment process for the amortization of debt. Said fund to be administered, as a Reserve Account, by the Town of Mashpee to retain betterment payments received by the town; as a source reserved for payment of town principal and interest due for the specific projects connected with the betterment payments. The balance in said fund to be compared with all outstanding principal and interest debt payments less all scheduled betterment receipts by the Mashpee Town Accountant annually. Any excess funds to be available for appropriation for any lawful purpose by the Town of Mashpee. Ed Baker seconded the motion and members voted unanimously 4-0. It is noted for the record that Ed Baker did an exceptional job researching and preparing the two motions above. Ed Baker also mentioned that the committee needs an article to transfer all excess from the betterments into the Stabilization Account, but that he was not sure how to word it. He stated that we do not know what the prepaid betterments are. John Ferriday MOTIONED that the Finance Committee request the Board of Selectmen NOT hold a Special Town Meeting prior to the Annual Town Meeting for the purpose of deciding to design and/or build a Junior/Senior High School. It is our position that the magnitude of such a capital expenditure, and the subsequent support cost, will affect the tax rate of all citizens and therefore the decision should be part of the Annual Town Meeting or following the Annual Town Meeting so all citizens and registered voters will be completely informed of Mashpee's financial situation. Ms. Greelish stated that the Motion should be amended to not mention the Junior/Senior High School directly but mention all large capital expenditures. Ed Baker MOTIONED that the Finance Committee amend the previous Motion and recommend the Board of Selectmen not schedule Special