[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:
A.
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;
B.
To
purchase and retain real or personal property, including without restriction
investments that yield a high rate of income or no income;
C.
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;
D.
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;
E.
To
employ advisors and agents, such as accountants, appraisers and lawyers,
as the Board deems necessary;
F.
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;
G.
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;
H.
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;
I.
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;
J.
To
carry property for accounting purposes other than acquisition date
values;
K.
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;
L.
To
make distributions or divisions of principal in kind;
M.
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;
N.
To
manage or improve real property; and to abandon any property which
the Board determines not to be worth retaining;
O.
To
hold all or part of the trust property uninvested for such purposes
and for such time as the Board may deem appropriate; and
P.
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.[1]
[1]
Editor's Note: See MGL c. 30A, §§ 18 through
25.
