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Town of Harvard, MA
Worcester County
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[HISTORY: Adopted by the Annual Town Meeting of the Town of Harvard 5-2-2009 by Art. 6. Amendments noted where applicable.]
GENERAL REFERENCES
Finance Committee — See Ch. 36.
[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.