[HISTORY: Adopted by the City Council of the City of Amesbury 5-12-2021 by Bill No. 2021-065. Amendments noted where applicable.]
Pursuant to the authority of MGL c. 44, § 55C, there
is hereby created a local municipal affordable housing trust fund
to be known as the "Amesbury Housing Trust" (the "Trust"). The purpose
of the Trust is to provide for the creation and preservation of affordable
housing in the City of Amesbury for the benefit of low- and moderate-income
households and for the funding of community housing, as defined in
and in accordance with the provisions of MGL c. 44B.
A.
There
shall be a Board of Trustees (the "Board"), consisting of no fewer
five and no more than nine Trustees, appointed by the Mayor with City
Council approval. At least one of the Trustees shall be a member of
the City Council, who shall serve as the representative of the City
Council.
B.
Notwithstanding
anything to the contrary herein, and even if Massachusetts law would
otherwise allow for the Trustees to be compensated, the Trustees of
this Trust shall receive no salary and shall remain uncompensated
for their services, in keeping with the volunteer nature of the service
to Amesbury rendered by many of the other boards and commissions appointed
to serve the City of Amesbury. However, if authorized by rule or regulation
lawfully adopted by the Trustees, Trustees may receive reimbursement
of their reasonable and lawful expenses.
C.
The
Trustees shall be appointed for a two-year term, such term to end
on April 30 of the expiration year or until such time as a successor
is appointed, should said appointment be delayed. Two of the initial
Trustee appointments shall be for a term of one year, and may be reappointed
at the discretion of the Mayor with City Council approval. Trustees
may be appointed for no more than five consecutive terms. In the event
of a vacancy in the position of Trustee, the appointment shall be
made in the same manner as the original appointment.
D.
All
Trustees must be current residents of Amesbury upon initial appointment.
Any Trustee who ceases to be a resident of the City of Amesbury shall
promptly provide a written notification of the change in residence
to the Board and to the City Clerk. Said Trustee may continue to serve
with the approval of the remaining Trustees, and may be reappointed
by the Mayor with City Council approval.
E.
Any
Trustee may resign by written instrument signed and acknowledged by
such Trustee and duly filed with the City 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 Mayor with City Council approval to fill such vacancy, provided
that in each case the appointment and acceptance in writing by the
Trustee so appointed is filed with the City Clerk. No such appointment
shall be required so long as there are five Trustees then 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.
A.
The
Board shall meet at least quarterly at such time and such place as
the Trustees shall determine. Special meetings may be called by the
Chairperson or by any two Trustees. Notice of any meeting of the Trust
shall be filed with the City Clerk and posted in accordance with the
Open Meeting Law, MGL c. 39, §§ 23A, 23B and 23C.[1]
[1]
Editor's Note: Massachusetts General Laws c. 44, §§ 23A,
23B and 23C, were repealed by St. 2009, c. 28, § 20, approved
7-1-2009, and by § 106 made effective 7-1-2010. For current
provisions on open meetings, see MGL c. 30A, §§ 18
through 25.
B.
A
quorum of the Board of Trustees shall be the majority of the number
of authorized Trustees.
C.
The
Trustees shall regularly elect one Trustee who shall not be a member
of the City Council to serve as Chairperson. The Chairperson may establish
subcommittees and/or ad hoc task related committees to carry out the
purposes of the Trust. Chairpersons of the subcommittees may be selected
by the members of the subcommittees.
D.
If
any Trustee is absent from five consecutive regularly scheduled meetings
of the Trust, except in the case of illness, his/her position shall
be deemed vacant and shall be filled with a new appointment as set
forth above.
A majority of the Trustees may exercise any or all of the powers
of the Trustees hereunder, provided that a quorum is present, and
may execute on behalf of the Trust 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.
A.
The
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, as outlined below, except that it shall have
no ability to borrow money, or mortgage or pledge Trust assets, purchase,
sell, lease, exchange, transfer or convey any interest in real property
without prior approval of the Amesbury City Council with Mayoral approval:
(1)
To accept and receive real property, personal property or money,
by gift, grant, contributions, devise, or transfer from any person,
firm, corporation or other public entity or organization or tendered
to the Trust in connection with provisions of any ordinance or bylaw
or any General Law or Special Act of the commonwealth or any other
source, including money from MGL c. 44B.
(2)
With City Council and Mayoral approval of a Trustee recommendation,
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 Trustees deem advisable, notwithstanding the length
of any such lease or contract.
(3)
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 Trustees engage for the accomplishment
of the purposes of the Trust.
(4)
With City Council and Mayoral approval of a Trustee recommendation,
to borrow money on such terms and conditions and from such sources
as the Trustees deem advisable, to mortgage and pledge Trust assets
as collateral to the extent of the Trust's assets, and, subject
to 2/3 vote at any regular or special City Council meeting with Mayoral
approval, to do the same for greater than the extent of the Trust's
assets.
(5)
To construct, manage or improve real property, and to abandon any
property which the Trustees determine not to be worth retaining.
(6)
With City Council and Mayoral approval of a Trustee recommendation,
to purchase and retain real or personal property, including without
restriction investments that yield a high rate of income or no income.
(7)
To hold all or part of the Trust property uninvested for such purposes
and for such time as the Trustees may deem appropriate.
(8)
To become the lottery and monitoring agent for affordable housing
and accept compensation for those services into the Municipal Affordable
Housing Trust Fund.
(9)
To monitor the expiring use of any affordable housing in Amesbury.
(10)
To compensate City employees for services provided as authorized
by the Mayor, including, but not limited to, dedicated staff to Trustees,
engineering support for project specific activities, and other City
services, as requested by the Trustees to the Mayor.
(11)
To employ advisors and agents, including but not limited to accountants,
appraisers and lawyers as the Trustees deem necessary.
(12)
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.
(13)
To participate or join or form a partnership, corporation or any
other legally organized entity to accomplish the purposes of this
Trust and 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 entity.
(14)
To apportion receipts and charges between incomes 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.
(15)
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
Trustees may deem necessary and appropriate.
(16)
To carry property for accounting purposes other than acquisition
date values.
(17)
To make distributions or divisions of principal in kind.
(18)
To extend the time for payment of any obligation to the Trust.
(19)
To establish criteria and/or qualifications for recipients and expenditures
in accordance with Trust's stated purposes.
(20)
To compromise, 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 chapter, to continue to hold the same for such period of time
as the Trustees may deem appropriate.
B.
Notwithstanding
anything to the contrary herein, City Council and Mayoral approval
shall be required for any of the following actions:
C.
Notwithstanding
anything to the contrary herein, the Trustees may not borrow, mortgage
or pledge greater than the current Trust assets unless approved by
a 2/3 vote at any regular or special Amesbury City Council Meeting
with Mayoral approval.
D.
The
Trustees shall have full power and authority, at any time and from
time to time and without the necessity of applying to any court for
leave to do so, to expend 100% of the Trust funds, both principal
and interest, to the extent that all funds hereunder may be expended
if the Trustees deem such expenditure appropriate. All expenditures
shall be made in conformance with the terms of this Trust and MGL
c. 44, § 55C.
A.
The
City of Amesbury Treasurer/Collector shall be the custodian of the
Trust's funds and shall maintain separate accounts and records
for said funds. He or she shall invest the funds in the manner authorized
by MGL c. 44, §§ 55 (Public funds on deposit; limitations;
investments), 55A (Liability of depositor for losses due to bankruptcy),
and 55B (Investment of public funds).
B.
Any
income or proceeds received from the investment of funds shall be
credited to and become part of the Trust.
C.
Expenditures
by the Trust shall be processed through the warrant but shall be controlled
by the provisions of MGL c. 44, § 55C. The yearly approved
budget, and any approved budget revisions will be recorded by the
City Treasurer/Collector.
D.
As
custodian, the Treasurer/Collector shall issue checks as directed
by the Trustees. In accordance with MGL c. 44, § 55C, the
books and records of the Trust shall be audited regularly by an independent
auditor in accordance with accepted accounting practices. The Trust
shall be audited as part of the City audit.
Neither the Trustees nor any agent or officer of the Trust shall
have the authority to bind the City, except in the manner specifically
authorized herein. The Trust is a public employer and the Trustees
are public employees for the purposes of MGL c. 268A. The Trust shall
be deemed a municipal agency and the Trustees special municipal employees
for the purposes of MGL c. 268A.
A.
This
Trust shall continue so long as authorized under the laws of the Commonwealth
of Massachusetts. Notwithstanding the foregoing, the Trust may be
terminated by a majority vote of the City Council in accordance with
MGL c. 4, § 4B, provided that an instrument of termination
together with a certified copy of the City Council vote are duly recorded
with the Essex North District Registry of Deeds and the Land Court.
B.
Upon
termination of the Trust, subject to the payment of or making 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 City and held by the City for affordable housing purposes. In
making any such distribution, the Trustees may, subject to the approval
of the City Council, 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.
C.
The
powers of the Trustees shall continue until the affairs of the Trust
are concluded.
This declaration of Trust may be amended from time to time except
as to those provisions specifically required under MGL c. 44, § 55C,
by instrument in writing signed by the City Council and by 2/3rds
of the Trustees and approved at a meeting called for that purpose,
provided that in each case, a certificate of amendment has been recorded
with the Essex South District Registry of Deeds and filed with the
Land Registration Office.
