§ 3.01.020. Transfers to stabilization fund.

A.

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 stabilization fund of a sum equal to not less than fifteen percent of the total free cash amount certified by the department of revenue.

B.

Within ninety days of the receipt of any funds from the sale of city-owned property, the mayor shall present to the city council, and the city council shall approve, a transfer to the stabilization fund of a sum equal to not less than fifteen percent of the total sale price as certified by the treasurer, except that funds in the stabilization fund from this source shall be separately accounted for and utilized only for purposes allowed by M.G.L. c. 44, § 63.

C.

Within ninety days of the receipt of any proceeds from any "host community" fee or fund established pursuant to legislation providing for racinos, Class III casinos or any other expanded gaming, the mayor shall present to the city council, and the city council shall approve, a transfer to the stabilization fund of a sum equal to not less than fifty percent of such proceeds, except that funds in the stabilization fund from this source shall be separately accounted for and utilized only for capital projects for which the city is authorized by statute to incur debt for a period of five years or more.

D.

The mayor and city council may agree to make transfers from any other source to the stabilization fund, provided that any such transfers are approved by a two-thirds vote of the city council.

(C.O. 03-564A § 3)

(C.O. 07-377A, §§ 1, 2, 8-27-2007)