[Amended 10-22-2018 STM by Art.
1]
Section
6-5(a) of the Harvard Charter sets forth the membership of the Capital Planning and Investment Committee. Said Committee shall choose its own officers, set its own rules and shall serve without pay.
[Amended 4-1-2014 ATM
by Art. 19; 4-5-2016 ATM by Art.
31; 10-22-2018 STM by Art. 1]
Section
6-5(b) of the Harvard Charter sets forth the duties of the Capital Planning and Investment Committee. For purposes of Section
6-5(b) of the Harvard Charter, capital expenditures shall be an expenditure of $20,000 or greater and having a useful life of at least five years.
[Added 5-1-2010 ATM by Art. 9; amended 6-13-2017 STM by Art. 7; 10-22-2018 STM
by Art. 1]
The Town of Harvard hereby establishes and shall maintain a
special fund to be known as the "Capital Stabilization and Investment
Fund." The Town may appropriate funds into the Capital Stabilization
and Investment Fund by a majority vote at an annual or special town
meeting. Any interest earned on the assets of the fund shall be added
to and become part of the Capital Stabilization and Investment Fund.
The Treasurer of the Town shall be the custodian of the fund and may
deposit proceeds in national banks or invest the proceeds by deposit
in savings banks, cooperative banks or trust companies organized under
the laws of the commonwealth or invest the same in such securities
as are legal for the investment of funds of savings banks under the
laws of the commonwealth or in federal savings and loan associations
situated in the commonwealth. Monies in the Capital Stabilization
and Investment Fund may be appropriated at any annual or special town
meeting by a two-thirds vote. Said fund may be appropriated for any
purpose for which the Town would be authorized to borrow money under
Sections 7 and 8 of Chapter 44 of the Massachusetts General Laws,
other than clauses (1) and (2) of said Chapter 44, Section 8, and
to pay the debt service on said projects, which are recommended by
the Capital Investment Committee.
[Added 5-1-2010 ATM by Art. 11]
In order to meet the current and long-term requests of the Capital
Plan the Town will put forth an article to transfer certified free
cash to the Capital Stabilization and Investment Fund at the end of
each fiscal year, provided that there were no critical, extenuating
circumstances in the current year budget cycle that were unforeseen
when the budget was voted that would materially affect the level of
required services or the invested balance in the General Stabilization
Fund fell below 5% of the omnibus budget as of the preceding July
1.