Bill > H3709

This bill authorizes the town of Winchendon to establish a special fund called the Capital Stabilization Fund, which will be used for capital purposes, meaning the purchase of land, tangible assets, or the undertaking of capital projects that have a useful life of at least five years and cost $10,000 or more, and are not considered regular operating expenses. This fund can also be used to pay off debt related to capital projects, regardless of when they were approved. The bill specifies that major departmental capital equipment, even if bought annually, can be included if it meets the useful life and cost criteria. Importantly, any money put into or taken out of this fund requires a two-thirds vote at a town meeting.