10/18/2010 Annual Town Meeting - Laserfiche WebLink

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improvements thereto. This Bylaw shall apply to any stabilization fund existing as of the effective date hereof as well as to any such fund established after the effective date hereof. Submitted by the Board of Selectmen Explanation: This Bylaw refines the purposes, for which Town stabilization funds may be used, based upon the public policy input received from the voters of the Town in May 2010 relative to the scope of use of the Town's Stabilization Fund. Currently, stabilization funds may be appropriated by Town Meeting for "any lawful purpose"; however, pursuant to G.L. c, 40 §5B, the Town Meeting may vote to alter or otherwise specify the purpose(s) for which a stabilization fund May be used. When the current Stabilization Fund was established by the Town in 1962, appropriations therefrom were limited, by law, to expenditures for a purpose for which borrowing was authorized for capital needs or for a purpose approved by the Commonwealth of Massachusetts Emergency Finance Board, which, typically, related to unanticipated or extraordinary financial obligations or responsibilities of the Town. The proposed Bylaw would restrict the future use of Stabilization Funds to these specific purposes. (Two-thirds vote required pursuant to G.L. c.40, §5B) The Board of Selectmen recommends approval by a vote of 5-0. The Finance Committee recommends approval by a vote of 6-0. Motion made by Selectman Michael Richardson. Motion" I more the Town vote to amend the General Bylaws by adding Article IX (Stabilization Fund)to Chapter 6 (Finances), as follows: ARTICLE IX - Stabilization Fund §6- 4 Use of Stabilization Fund. Any stabilization fund established by the Town pursuant to the provisions of M.G.L. c.40, §5B shall be used, and funds shall be appropriated thereto or therefrom, only for the purpose of funding extraordinary and unanticipated expenses of the Town, including capital expenditures. For the purpose of this Bylaw, the term "capital expenditures" is defined as costs and expenses related to the acquisition, maintenance or repair of Town owned property, including any improvements thereto. This Bylaw shall apply to any stabilization fund existing as of the effective date hereof as well as to any such fund established after the effective date hereof. Motion passes at 7:22 PM. 3