Bill > S1064

This bill proposes to amend Massachusetts General Laws, chapter 35, section 28B, by adding a new subsection (j) to establish a County Stabilization Fund. This fund will be created and maintained by the advisory board, which can appropriate any amount approved by a two-thirds vote each year, with any interest earned being added to the fund. The Treasurer will manage the fund, with options to deposit proceeds in national banks or invest them in savings banks, cooperative banks, combined investment funds, or securities legal for savings bank investments, including federal savings and loans within the commonwealth. The county commissioners can then appropriate money from this fund for any purpose, provided they receive a two-thirds vote of approval from the advisory board.