The Commonwealth of Massachusetts
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PETITION OF:
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Chapter 35 of the General Laws, as appearing in the 2002 Official, is hereby amended by inserting after section 28B subsection I the following new section:-
Subsection J. For the purpose of creating a Capital Projects Fund the advisory board may appropriate from any available source, including excess registry of deeds receipts, the sale of any assets or any other revenue, any amount as may be approved by a majority vote. The aggregate amount in the fund at any time shall not exceed ten per cent of the total equalized valuation of the municipalities in the county as defined in section one of chapter forty-four. Any interest shall be added to and become a part of the fund.
The treasurer shall be the custodian of said fund and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, cooperative banks or in participation units in a combined investment fund under section thirty-eight A of chapter twenty-nine, or invest the same in such securities as are legal for the investment of funds of savings banks under the provisions of chapter one hundred and sixty-eight or in federal savings and loan associations situated in the commonwealth.
The Capital Projects Fund may be appropriated by the county commissioners with the approval of the advisory board for any purpose authorized under sections seven and eight of chapter forty-four or for such other county purpose as is approved by a majority vote of the advisory board.