There is hereby created, pursuant to M.G.L. c. 40, § 5B,
a water and sewer enterprise fund—stabilization account. The
city treasurer shall be the custodian of such account. The account
shall be utilized for any lawful purpose, including but not limited
to any purpose for which the city may lawfully borrow money. Any appropriation
or transfer of funds into or out of this stabilization account must
be approved by a two-thirds vote of the city council.
(C.O. 10-320-A, § 1, 11/22/2010)
A.
Within
ninety days of the certification of free cash by the department of
revenue within the water and sewer enterprise fund, the mayor shall
present to the city council, and the city council may approve, a transfer
to the water and sewer enterprise fund—stabilization account
of a sum equal to not less than fifteen percent of the total free
cash amount certified by the department of revenue.
B.
The
mayor and city council may agree to make transfers from any other
source to the water and sewer enterprise fund—stabilization
account, provided that any such transfers are approved by a two-thirds
vote of the city council.
(C.O. 10-320-A, § 1, 11/22/2010)
