[HISTORY: Adopted by the Town Meeting of the Town of Sharon as Art. 39 of the Town Bylaws. Amendments noted where applicable.]
There is hereby established the Sharon Affordable Housing Trust Fund, established by the vote under Article 23 of the Warrant for the 2006 Annual Town Meeting. The purpose of the trust is to provide for the creation and preservation of affordable housing in the Town of Sharon for the benefit of low- and moderate-income households.
There shall be a Board of Trustees of the Sharon Affordable Housing Trust Fund, which shall consist of seven Trustees, including all of the members of the Select Board, who shall serve only during such time as they are members of the Select Board, with the remaining members to be appointed by the Select Board. Trustees shall serve for a term of two years. Initially, two Trustees shall be appointed to a one-year term, and two Trustees will be appointed for two-year terms.
The powers of the Board of Trustees, all of which shall be carried on in furtherance of the purposes set forth in this act, include, but are not limited to, the following:
To accept and receive property, whether real or personal, by gift, grant, devise, or transfer from any person, firm, corporation or other public or private entity, including without limitation grants of funds or other property tendered to the trust in connection with provisions of any zoning ordinance or bylaw or any other ordinance or bylaw;
To purchase and retain real or personal property, including without restriction investments that yield a high rate of income or no income;
To sell, lease, exchange, transfer or convey any personal, mixed, or real property at public auction or by private contract for such consideration and on such terms as to credit or otherwise, and to make such contracts and enter into such undertaking relative to trust property as the Board deems advisable, notwithstanding the length of any such lease or contract;
To execute, acknowledge and deliver deeds, assignments, transfers, pledges, leases, covenants, contracts, promissory notes, releases and other instruments, sealed or unsealed, necessary, proper or incident to any transaction in which the Board engages for the accomplishment of the purposes of the trust;
To employ advisors and agents, such as accountants, appraisers and lawyers, as the Board deems necessary;
To pay reasonable compensation and expenses to all advisors and agents and to apportion such compensation between income and principal as the Board deems advisable;
To apportion receipts and charges between income and principal as the Board deems advisable, to amortize premiums and establish sinking funds for such purpose, and to create reserves for depreciation depletion or otherwise;
To participate in any reorganization, recapitalization, merger or similar transactions; and to give proxies or powers of attorney with or without power of substitution to vote any securities or certificates of interest; and to consent to any contract, lease, mortgage, purchase or sale of property, by or between any corporation and any other corporation or person;
To deposit any security with any protective reorganization committee, and to delegate to such committee such powers and authority with relation thereto as the Board may deem proper and to pay, out of trust property, such portion of expenses and compensation of such committee as the Board may deem necessary and appropriate;
To carry property for accounting purposes other than acquisition date values;
To borrow money on such terms and conditions and from such sources as the Board deems advisable, to mortgage and pledge trust assets as collateral;
To make distributions or divisions of principal in kind;
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;
To manage or improve real property; and to abandon any property which the Board determines not to be worth retaining;
To hold all or part of the trust property uninvested for such purposes and for such time as the Board may deem appropriate; and
To extend the time for payment of any obligation to the trust.
The Sharon Affordable Housing Trust Fund Board of Trustees shall not meet or conduct business without the presence of a quorum. A majority of the members of the Board of Trustees shall constitute a quorum. The Board of Trustees shall approve its actions by majority vote. The Board shall conduct its meetings in accordance with the Open Meeting Law.
Editor's Note: See MGL c. 30A, §§ 18 through 25.