[HISTORY: Adopted by the Town Meeting of the Town of North Andover as indicated in article histories. Amendments noted where applicable.]
The Trust shall be called the "Town of North Andover Affordable Housing Trust Fund."
The purpose of the Trust shall be to provide for the preservation, creation and use of affordable housing in the Town of North Andover for the benefit of low- and moderate-income households. In furtherance of this purpose, the Trustees are hereby authorized, in accordance with the procedures set forth herein, to acquire by gift, purchase or otherwise real and personal property or money, both tangible and intangible, of every sort and description; and to use such property, both real and personal, and money, in such manner as the Trustees shall deem appropriate to carry out such purpose; provided, however, that all property held by the Trust and the net earnings thereof shall be used exclusively for the preservation, creation, and use in the Town of North Andover of affordable housing for the purposes for which this Trust was formed.
There shall be a Board of Trustees consisting of not less than five Trustees nor more than seven Trustees who shall be appointed by the Board of Selectmen. At least one of the Trustees shall be a member of the Board of Selectmen. Only persons who are residents of the Town of North Andover shall be eligible to hold the office of Trustee. Trustees shall serve for a term of two years, except that two of the initial Trustee appointments shall be for a term of one year, and may be reappointed at the discretion of the Board of Selectmen. Any Trustee who ceases to be a resident of the Town of North Andover shall cease to be a Trustee hereunder and shall promptly provide a written notification of the change in residence to the Board and to the Town Clerk. Any Trustee may resign by written instrument signed and acknowledged by such Trustee and duly filed with the Town Clerk. If a Trustee shall die, resign, or for any other reason cease to be a Trustee hereunder before his/her term of office expires, a successor shall be appointed by the Board of Selectmen to fill such vacancy, provided that in each case the appointment and acceptance in writing by the Trustee so appointed is filed with the Town Clerk. No such appointment shall be required so long as there are five Trustees in office. Upon the appointment of any succeeding Trustee and the filing of such appointment, the title to the Trust estate shall thereupon and without the necessity of any conveyance be vested in such succeeding Trustee jointly with the remaining Trustees. Reference to the "Trustee" shall mean the Trustee or Trustees for the time being hereunder. Nothing in this section shall prevent a Board of Selectmen from appointing the Town Manager as a member or Chair of the Board, with or without the power to vote.
The Trust shall meet at least quarterly at such time and at such place as the Trustees shall determine. Notice of all meetings of the Trust shall be given in accordance with the provisions of the Open Meeting Law, MGL c. 39, §§ 23A, 23B and 23C. A quorum at any meeting shall be a majority of the Trustees qualified and present in person.
The Board of Trustees shall have the following powers, which shall be carried out in accordance with and in furtherance of the provisions of MGL c. 44, § 55C:
With the approval of the Board of Selectmen and Finance Committee, to accept and receive real property, personal property or money, by gift, grant, contribution, devise or transfer from any person, firm, corporation or other public or private entity, including but not limited to money, grants of funds or other property tendered to the Trust in connection with any ordinance or bylaw or any general or special law or any other source, including money from MGL Chapter 44B;
With the approval of the Board of Selectmen, to purchase and retain real or personal property, including without restriction investments that yield a high rate of income or no income;
With the approval of the Board of Selectmen and Finance Committee, to sell, lease, exchange, transfer or convey any 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 undertakings relative to Trust real property as the Trustees deem advisable, notwithstanding the length of any such lease or contract;
With the approval of the Board of Selectmen, to sell, lease, exchange, transfer, or convey any personal 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 undertakings relative to Trust personal property, 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 Trustees deem necessary;
To pay reasonable compensation and expenses to all advisors and agents and to apportion such compensation between income and principal as the Trustees deem advisable;
To apportion receipts and charges between income and principal as the Trustees deem advisable, to amortize premiums and establish sinking funds for such purpose, and to create reserves for depreciation depletion or otherwise;
With the approval of the Board of Selectmen, 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;
With the approval of the Board of Selectmen, to deposit any security with any protective reorganization committee, and to delegate to such committee such powers and authority with relation thereto as the Trustees may deem proper and to pay, out of Trust property, such portion of expenses and compensation of such committee as the Board, with the approval of the Board of Selectmen, may deem necessary and appropriate;
To carry property for accounting purposes other than acquisition date values;
With the approval the Board of Selectmen and the approval of Town Meeting by a two-thirds majority vote, to incur debt, to borrow money on such terms and conditions and from such sources as the Trustees deem advisable, and to mortgage and pledge Trust assets as collateral;
With the approval of the Board of Selectmen, to disburse Trust funds for the purpose of making loans or grants in furtherance of the creation or preservation of affordable housing in North Andover upon such terms as the Trustees shall deem most appropriate to carry out such purposes;
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 MGL c. 44, § 55C, to continue to hold the same for such period of time as the Board may deem appropriate;
To manage or improve real property and, with the approval of the Board of Selectmen and Town Meeting, to abandon any property which the Trustees determine not to be worth retaining;
To hold all or part of the Trust property uninvested for such purposes and for such time as the Trustees may deem appropriate; and
To extend the time for payment of any obligation to the Trust.
Notwithstanding any general or special law to the contrary, all moneys paid to the Trust in accordance with any zoning bylaw, exaction fee, or private contribution shall be paid directly into the Trust and need not be appropriated or accepted and approved into the Trust. General revenues appropriated into the Trust become Trust property and these funds need not be further appropriated to be expended. All moneys remaining in the Trust at the end of any fiscal year, whether or not expended by the Board within one year of the date they were appropriated into the Trust, remain Trust property.
A majority of Trustees may exercise any or all of the powers of the Trustees hereunder and may execute on behalf of the Trustees any and all instruments with the same effect as though executed by all the Trustees. No Trustee shall be required to give bond. No license of court shall be required to confirm the validity of any transaction entered into by the Trustees with respect to the Trust estate.
Neither the Trustees nor any agent or officer of the Trust shall have the authority to bind the Town, except in the manner specifically authorized herein. The Trust is a public employer and the Trustees are public employees for the purpose of MGL Chapter 258. The Trust shall be deemed a municipal agency and the Trustees special municipal employees for the purposes of MGL Chapter 268A.
The Trust is exempt from MGL Chapter 59 and Chapter 62, and from any other provisions concerning payment of taxes based upon or measured by property or income imposed by the commonwealth or any subdivision thereto.
The Town Treasurer shall be the custodian of the funds of the Trust. The books and records of the Trust shall be audited annually by an independent auditor in accordance with accepted accounting practices for municipalities.
The Trust is a governmental body for purposes of MGL c. 39, §§ 23A, 23B and 23C.
The Trust is a board of the Town for purposes of MGL Chapter 30B and MGL c. 40, § 15A; but agreements and conveyances between the Trust and agencies, boards, commissions, authorities, departments and public instrumentalities of the Town shall be exempt from said Chapter 30B.
This Trust shall be of indefinite duration, until terminated in accordance with applicable law. Upon termination of the Trust, subject to the payment of or making of provisions for the payment of all obligations and liabilities of the Trust and the Trustees, the net assets of the Trust shall be transferred to the Town and held by the Board of Selectmen for affordable housing purposes. In making any such distribution, the Trustees may, subject to the approval of the Board of Selectmen, sell all or any portion of the Trust property and distribute the net proceeds thereof or they may distribute any of the assets in kind. The powers of the Trustees shall continue until the affairs of the Trust are concluded.
The Board of Selectmen may authorize the Trustees to execute, deliver and record with the Registry of Deeds any documents required for any conveyance authorized hereunder or to carry out the purposes and powers of the Trust.
The titles to the various sections herein are for convenience only and are not to be considered part of said sections nor shall they affect the meaning or the language of any such section.
There are hereby established in the Town of North Andover, pursuant to the provisions of MGL c. 44, § 53E 1/2, the following revolving funds: