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| 2 | 2 | | SENATE DOCKET, NO. 2110 FILED ON: 1/20/2023 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 1304 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Edward J. Kennedy |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act providing for reserve funds for school districts. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Edward J. KennedyFirst Middlesex 1 of 2 |
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| 16 | 16 | | SENATE DOCKET, NO. 2110 FILED ON: 1/20/2023 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 1304 |
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| 18 | 18 | | By Mr. Kennedy, a petition (accompanied by bill, Senate, No. 1304) of Edward J. Kennedy for |
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| 19 | 19 | | legislation to provide for reserve funds for school districts. Municipalities and Regional |
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| 20 | 20 | | Government. |
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| 21 | 21 | | The Commonwealth of Massachusetts |
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| 22 | 22 | | _______________ |
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| 23 | 23 | | In the One Hundred and Ninety-Third General Court |
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| 24 | 24 | | (2023-2024) |
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| 25 | 25 | | _______________ |
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| 26 | 26 | | An Act providing for reserve funds for school districts. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 28 | 28 | | of the same, as follows: |
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| 29 | 29 | | 1 SECTION 1. Chapter 40 of the General Laws, as appearing in the 2020 Official Edition, |
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| 30 | 30 | | 2is hereby amended by inserting after Section 13, the following new section: |
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| 31 | 31 | | 3 "Section 13E1/2. Any school district which accepts this section, by a majority vote of the |
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| 32 | 32 | | 4school committee and a majority vote of the legislative body or, in the case of a regional school |
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| 33 | 33 | | 5district by a majority vote of the legislative bodies in a majority of the member communities of |
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| 34 | 34 | | 6the district, may establish and appropriate or transfer money to a reserve fund to be utilized in the |
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| 35 | 35 | | 7upcoming fiscal years, to pay, without further appropriation, for any and all unanticipated or |
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| 36 | 36 | | 8unbudgeted costs. The balance in such reserve fund shall not exceed 10 per cent of the annual net |
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| 37 | 37 | | 9school spending of the school district. |
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| 38 | 38 | | 10 Funds shall only be distributed from the reserve funds after a majority vote of the school |
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| 39 | 39 | | 11committee and a majority vote of the board of selectman or city council, or, in the case of a 2 of 2 |
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| 40 | 40 | | 12regional school district by a majority vote of the board of selectmen or city council in a majority |
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| 41 | 41 | | 13of the member communities of the district. |
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| 42 | 42 | | 14 The district treasurer may invest the monies in the manner authorized in section 54 of |
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| 43 | 43 | | 15chapter 44 and any interest earned thereon shall be credited to and become part of the fund." |
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| 44 | 44 | | 16 Notwithstanding any general or special law to the contrary, the money held in this reserve |
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| 45 | 45 | | 17fund shall not be used against the required contributions by municipalities towards net school |
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| 46 | 46 | | 18spending. |
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