There is hereby created, pursuant to M.G.L. c. 40, and § 5B,
a drainage, stormwater, and culvert 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. 24-017, § 1, 3/11/2024)
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 drainage, stormwater,
and culvert stabilization fund of a sum equal to not less than ten
percent of the total free cash amount certified by the department
of revenue.
(C.O. 24-017, § 1, 3/11/2024)
