05/01/2006 Annual Town Meeting - Laserfiche WebLink

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(13) To comprise, attribute, defend, enforce, release, settle or otherwise adjust claims in favor or against the trust, including claims for taxes, and to accept any property, either in total or partial satisfaction of any indebtedness or other obligation, and subject to the provisions of this act, to continue to hold the same for such period of time as the board may deem appropriate; (14) To manage or improve real property; and to abandon any property which the board determined not to be worth retaining; (15) To hold all or part of the trust property uninvested for such purpo�ses and for such time as the board may deem appropriate; and (I 6)To extend the time for payment of any obligation to the trust. or take any other action relating thereto. Submitted by the Board of Selectmen Explanation: The State legislature approved the Municipal Affordable Housing Trust Fund Act last year and was signed into law by Governor Romney on January 7, 2005. The law gives all communities the local option to create municipal affordable trust funds. Previously, communities could create trusts through their own resolution, but towns had to get approval from the legislature through a home rule petition. In addition, the law sets forth clear guidelines as to what the trusts can do. It allows communities to collect funds for housing, segregate them out of the general budget into an affordable housing trust fund, and use these funds without going back to Town Meeting for approval. It also allows trust funds to own and manage real estate, not just receive and disburse funds. Passage of this article would create the Town of Mashpee Affordable Housing Trust Fund, setup the Trust membership and provide for the powers of the Trust, outlined in MGL CH. 44, §55C. The Board of Selectmen recommends approval by a vote of 4-0. The Finance Committee recommends approval. Motion made by Selectman John Cahalane. Motion: I move Article 19 be voted as printed in the warrant, with the exception of the phrases, "(need to have Town Counsel determine the appropriate section number), and "or take any other action relating thereto". 0 Motion made to dispense with reading of Article 19 at 9:47PM. Motion to dispense with reading of Article19 passes at 9-,47PM. Motion passes unanimously at 9-,47PMI, 27