There is hereby created, pursuant to M.G.L. c. 40, § 5B,
a capital improvement stabilization fund. The city treasurer shall
be the custodian of such fund. The fund 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 fund must be approved by
a two-thirds vote of the city council.
(C.O. 17-149, § 1, 6/19/2017)
Within ninety days of the certification of free cash by the
department of revenue, the mayor shall present to the city council,
and the city council shall approve, a transfer to the capital improvement
stabilization fund of a sum equal to not less than twenty percent
of the total free cash amount certified by the department of revenue.
(C.O. 17-149, § 1, 6/19/2017)