Subject to any restrictions set forth in any authorizing statute
or bylaw, Town officers, boards, committees and commissions may require,
accept, hold and apply security in any reasonable form, including,
but not limited to, a deposit of money or negotiable securities, a
bond issued by a bonding company authorized to do business within
the Commonwealth of Massachusetts, a letter of credit, and a so-called 'tripartite'
agreement of the kind described in MGL c. 41, § 81U(4).
Any deposit of money hereunder shall be held by the Treasurer
in a special account established specifically for such purpose, separate
and apart from all other funds. Any negotiable securities, bonds,
letters of credit and so-called 'tripartite' agreements
shall also be held by the Treasurer, and any funds generated from
such surety shall likewise be deposited in such a special account.
Any such account shall be an interest-bearing account with a Massachusetts
bank. All interest accruing on each such account shall be added to
the principal of such account for disposition as set forth herein.
