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i ARTICLE IX - Stabilization Fund Motion: I move the Town vote to amend the General Bylaws by adding Article IX (Stabilization Fund) to §6-24 Use of Stabilization Fund. Chapter 6 (Finances), as follows: Any stabilization fund established by the Town pur- ARTICLE IX - Stabilization Fund j suant to the provisions of M.G.L. c.40, §5B shall be I used, and funds shall be appropriated thereto or there- §6-24 Use of Stabilization Fund. from, only for the purpose of funding extraordinary and unanticipated expenses of the Town, including Any stabilization fund established by the Town pur- j capital expenditures. For the purpose of this Bylaw, suant to the provisions of M.G.L. c.40, §513 shall be the term"capital expenditures" is defined as costs and used, and funds shall be appropriated thereto or there- expenses related to the acquisition, maintenance from, only for the purpose of funding extraordinary or repair of Town owned property, including any and unanticipated expenses of the Town, including improvements thereto. This Bylaw shall apply to any capital expenditures. For the purpose of this Bylaw, stabilization fund existing as of the effective the term"capital expenditures"is defined as costs and date hereof as well as to any such fund established expenses related to the acquisition, maintenance after the effective date hereof. or repair of Town owned property, including any improvements thereto. This Bylaw shall apply to any Submitted by the Board of Selectmen stabilization fund existing as of the effective date hereof as well as to any such fund established Explanation: This Bylaw refines the purposes for after the effective date hereof. which Town stabilization funds may be used, based upon the public policy input received from the voters Motion passes at 7:22 PM. of the Town in May 2010 relative to the scope of use of the Town's Stabilization Fund. Currently, stabiliza- Article 4 tion funds may be appropriated by Town Meeting for "any lawful purpose";however,pursuant to G.L. c,40 To see if the Town will vote to transfer$12, 240 from §5B,the Town Meeting may vote to alter or otherwise the Interest Temporary Borrowing Inside 2'/z Account specify the purpose(s) for which a stabilization fund to the Interest Temporary Borrowing Outside 2 I/2, or may be used. When the current Stabilization Fund take any other action relating thereto. was established by the Town in 1962, appropriations therefrom were limited, by law, to expenditures for a Submitted by the Treasurer/Collector purpose for which borrowing was authorized for capi- tal needs or for a purpose approved by the Explanation: The short-term notes issued to finance Commonwealth of Massachusetts Emergency Finance construction of the Library Project matured on Board, which, typically, related to unanticipated or September 3rd, 2010. The notes were rolled for 90 extraordinary financial obligations or responsibilities days so that the Town could receive the final payments of the Town. The proposed Bylaw would restrict the due from the Commonwealth of Massachusetts and future use of Stabilization Funds to these specific pur- reduce the long-term bond issue by that amount. The poses. excess balance in the Interest Temporary Borrowing Inside 2 1/2 budget is being utilized to offset the inter- (Two-thirds vote required pursuant to G.L. c.40, §513) est expense incurred for the additional 90 day Bond Anticipation Notes. The Board of Selectmen recommends approval by a vote of 5-0. The Board of Selectmen recommends approval by a vote of 5-0. The Finance Committee recommends approval by a vote of 6-0. The Finance Committee recommends approval by a vote of 6-0. Motion made by Selectman Michael Richardson. Motion made by Selectman Carol Sherman. 59