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HomeMy WebLinkAbout2006 ATM-FORM 2 #4-COMPARE-ARTICLE 33-CHAPTER 28-HOUSING TRUST FUND OF NORTH qti et.lEO is U p 'li °qn°M 0^yq9 9SSNCHUSES TOWN OF NORTH ANDOVER OFFICE OF THE TOWN CLERK 120 MAIN STREET NORTH ANDOVER, MASSACHUSETTS 01845 Joyce A.Bradshaw,CMMC Telephone(978)688-9-5Q9501 Town Clerk Fax (978)688-9557 E-mail Bradshaw(dtownofnorthandover.com This is to certify that the following wasis the text of Chapter 28 -Housing Trust Fund of the General Bylaws for the Town of North Andover onas amended bj Article 10 of the Dissolved Annual To n eetin for the To n of North Andover held May 8, 2006 June 5 2006 and June 6 2006: CHAPTER 28 HOUSING TRUST FUND HISTORY: Adopted by the Town of North Andover May 2, 1988 Annual Town Meeting Article 31. Amendments noted where applicable.]_ ced with Amended Text-Fending AO A�) rovalr 28m1 Name of the Trust 28 2 Pur ose 283 Tenure of'I"rustees 284 eetins of the 'I"rust 28 5 Powers of Trustees 286 I+'ands E�ai t® the 'I"rust 287 Acts of'I"rustees 28-8 C�iaility 289 Taxes 2810 Cust®than of I+'ands 2811 Govern ental oy 2812 oar of the To n 28-1 oration of the 'I"rust 28-14 ecorins 2815 Titles §-28-1. t The trust shall be called the "Town of North Andover Affordable Housing-Trust Fund". 28-2.--L-x-pffidkffes-. Ear The purpose cif the Trust shill be tc� prcwidc fc�r the reservation and creation of affordable housing benefit of low and moderate-income households. In furtherance cif pur c the Trustees are hereby auth giftk purchase or othervlise real estate and personal property both tangible and intan i ble, of every sort and description to use such property both real and-personal in such manner as the Trustees shall deem most out such provided hovlever that all property held by the Trust and the net earnings thereof shall be used exclusively for the preservation and creation in the Town of North Andover of affordable housing §28-3® Ten�ure of�Trus�tees There shall be a Board of Trustees consisting of not less than five nor more than 9-91 not seven Trustees who shall be of Trustees shall be a member of the Board of Selectmen. ®nly persons �vho ire residents of the Town of North Andover shall be eligible to hold the office of Trustee. Trustees shall serve for a term trustee appointments shill be for term of one year end may be re-appointed discretion of the Board of Selectmen. of Town of North Andover shall cease to be a Trustee hereunder And shall promptly provide vJritten notification of the chin e in residence to the Board and to the Town Clerk. Any Trustee may resin such Trustee and r for any other reason cease to be Trustee hereunder fore his/her term of office a successor shal l be appointed by the 1lo�rd of Selectmen to fill such vacancy provided that in each case the said appointment and acceptance in writiny,by the Trus intment shall be mwne-d so lM TJpon the ointment of an succeeding the Trust estate shall thereupon end vlithout the necessity of any conveyance be vested in such succ Reference to the Trustee shall mean the Trustee or Trustees for the time being hereunder. §-28- e Trust The Trust shall meet at least stees shall determine. Notice of all with the provisions of the 0 Secti g-shall be a majority of the Trustees qualified and present in person. 4a1,i; he �aii axYiasi ease. ,i�-a i-cr`,sc-x c'riasx-��,eii�s � siisxi �sccazrri-,�sia1 o- cn�-ia�g:s�>sc�sss � ,-c�sariii �saii�r yS- �`aii-a-ialu,sB,rralr. y-5-t n iiY.ias�7 ceii�s s,.,.ax.ii �a1 �� v-ciarii-ors- S et ri ftfter 7ta iza �ci �sri sii z aiidsry i-a a�acr�iii�r° z ai[siiasrf 4s � ia4�h l r °a is p-da�iiia t �..aa1® A 11 t ti 1, e o 1i�C.-ciii�ii z aii-iii ai=c`a`z-ris.�i_�sa.. 4t ° t 11 tro 4 a-raicliigx siiuii �e cr r'k rai�ii-�r� s�aias�uii�sa s"Yai�s-cira.-a-aavdii-a i a.n`asg"'rra.r sirtarr �1~� € ,ri l 1 1 4 1 et ° 4 the �t�d2� arra��,eiigx saiigx iiisx� cxeper�sic pr��ee�xs 2-1"4- �0r��a�a 2iiv�,sc cii� ssxiiie 2 Commonw exr-2c2a1�-?as-1� azra. 2iiv�sciii�iic asp raxii�ss asp �?a`d2ii�r°s as rAs=ceii�salr azra. izaads-sr� viral n . on`va eakh A en-A aH be d-t nd al"°ia.eeiii, raid. T�" 2242 Manager, -5® Po er°s of T"rustees The Board of Trustees shill have the fc�llc�vJinpc�vJ�rs vJhich shill b� c�rri�d cut in accordance with and in furtherance of the prc�visic�ns cif l�i�ss�chus�tts (��n�r�l L�vJs Chapter 44, Section SSC: A. With the � provl cif the Fc��rd cif Selectmen tc� �ccct end receive property, whether real gLftgrant, devise or transfer from any cp rson, firm corporation or ether public or private entity including without Limitation, rnts of funds or ether property tendered to the trust in connection with provisions of an zy on2ny-l��v or any other by 1aw; E. With the rovl of the o�rd of Selectmen to purchase end retain real or personal rp opert eld a high rate of income or no income- C. With the rovl of the Ford of Selectmen end Town lVleetin to sell lease. exchange transfer or convey any real property at public auction or by private contract for such consideration end on such terms as to credit or otherwise end to mike such contracts end enter into such undertakings relative to t otwithstanding; the length of any such lease or contract- D. With the � prov l of the F ord of Selectmen to sell lease exchan e, transfer, or convey a��proper�ublic suction or by private contract for such consideration and on such terms as to credit or otherwise and to make such contracts and enter into such undertakings relative to trust personal property notwithstanding the length of any such lease or contract, E. T'o execute acknowledge and deliver deeds assi n manta trnsfers�pled , Leases covenants contracts promissory notes releases end other instruments sealed or unsealed necessary, proper or incident to any transaction in which the board enes for the accomplishment of the purposes of the trust; F. T'o employ advisors and agents such as accountants a raisers and lawyers as the trustees deem necessary; G. T'o p reasonable compensation and expenses to all advisors and agents and to apportion such compensation between income end principal as the trustees deem advisable- H. To apportion receipts and charges betvJeen income and principal as the trustees deem sinking funds for such.purpose, and to create reserves for depreciation depletion or other�visex I. With the ici ate in an reorganization recapitalization merger or similar transactions' and to proxies or povlers of attorney vlith or vJithout er of substitution to vote any securities or certificates of interest end to consent to any contract, lease, moagage. has t®r saleoEpnoaerty by or between an�cor oration and any-o other corporation or ersor�r J. With the approval of the Ford of Selectmen to deposit any security vlith an protective reorganization committee and to delegate to such committee such povlers and authority vlith relation thereto as the trustees may deem proper and to p , out of trust property such portion of expenses end compensation of such committee as the board with the roval of the Board of Selectmen may deem necessary and K. an acquisition date values; approval of Town Meeting tvlo-thirds maturity vote to incur debt to borrow money on such terms and conditions and from such sources as the trustees deem advisable and to morte and pledge trust assets as collateral M. disburse trust funds for the purpose of m�kin loins orrnts in ance of the creation or preservation of affordable housing in Forth Andover upon h terms as the Trustees shall deem most appropriate to carry out such purposes; N. To make distributions or divisions ofILrinci a] in kind; ®. To comprise st claims in favor or against the trust including claims for tees and to accept any roperty either in total or partial satisfaction of any indebtedness or other obligation and subiect to the provisions of(�.I . �h�pter 44 Section SSA, to continue to hold the same for such period of time �s the board may deem appropriate; P. f the Board of Selectmen and Town lVleetin to abandon any property vlhich the trustees determine not to be worth retaininp- sted for such-purposes and f�or such time as the trustees may deem appropriate, and R. To extend the time for payment of any obligation to the trust. §— . 7E- - 8-2— 2 2 endAff�es-.6.�Ffunds�Paid to the�Trust Notw4hstanding-an yspaid to the trust in accordance contribution shall b�paid directly into the trust and need not be appropriated or accepted and approved into the trust. General revenues appropriated into the trust become trust property and these funds need not be further in in the trust at the end of any fiscal year, vlhether or not upended by the board within one year of the date they vlere appropriated into the trust remain trust property. A. z Any aaaas eye m the hind-- ��p a.,—aiaa.,aiaar�r,saa a a�—aa� sa.,a��—caaa�aa s�aia�s saa�aa -wi . � . Acts of T"rustees As of the Trustees hereunder and may execute on behalf�f the Trustees any end X11 instruments with the same effect as though executed by ill the Trustees. No Trustee shill be required to dive bond. No License of court sh�Ll be required to confirm the validity of any transaction entered into by the Trustees vlith respect to the Trust estate. r,ti T! fc , n ,a 7 �t�,f �,� �r� a cis aa`�.1°—`ccaags aalscsir — r�rrasazvral—hott°r2rg—a5— 2r4f' e . of t t-&� . Neither the Trustees nor any Gent or officer of the Trust shall have the authority to bind the T'C)yJn except in the manner specifically authorized herein. The Trust is a public employer end the Trustees ire public employees for the purposes of G.L. �h�pter 26�A. T'he Trust shill be deemed municipal � ency end the Trustees s�eci�l municipal employees for the purposes of Massachusetts General Laws Chapter 268A. 2 T"axes The Trust is exe from any other provisions concerninpment of taxes based upon or measured by property or income imposed by the Commonwealth or any subdivision thereto. ��� i�`�wa�iia� 3g;cb>3idie>�e ma.,aats iia saa, 'z`$ '—ues"sec�—t 2ta`$ e°,scuvii`,siaa1 ��2r4 ear 4.rder. > . l ® C"rrst® i�rr ®f E+' rrs The Town Treasurer shall be the custodian of the funds of the Trust. The boobs and records of the Trust shall be audited �nnu�lly by �n independent auditor in accordance with accepted accountin prgctices for municipalities. -t—Ctt-CIGI ."ti6taE—i7a �%GY.� ��. '3�." �-}"ai��� -tR:aaa,s taaCY.�%"tiTL �`S r_} fro, b 4h 4�v me nt f rebut 44 ea 4 �'Y CL vT4.r—FT�—Ci F4.r JL7X.t � 1ta4.ra FLa3—ia 6taaa Laaaa4.r L6J l l® ®vcr°rr crrt�l ® � The Trust is a governmental body for purposes of Sections 23A 23 and 23� of Massachusetts General Laws Chapter 39. g.,a. -vE�—aaacaia�.,� ,s aia caaa,s �uaagx saadREE ve us�cx of-diFeefly-retat . The Trust is a board of the To s chapter 30> and Section 15A of Massachusetts General Laws Cha Chapter 40; but agreements and conveyances between the trust and nci�s bc��rds .missions auth of the town shall be exgmpt from said Chapter 30B. This Trust shall be of indefinite duration until terminated in accordance with applicable law. TJpon termination cif the Trust ect to the pa ment of or making provisions for the payment of all obligations and liabilities cif the Trust and the Trustees to the Town and held by the Board of Selectmen for affordable housing_pj!rposes. In making any such distributic�n� the Trustees may portion cif pray and distribute the net proceeds thereof or they may distribute any of the assets in kind. T'he powers of the Trustees shill continue until the affairs of the Trust are concluded. §iLiiiEmEdim The Board of Selectmen may authorize the Trustees to execute deliver and record with yconveyance authorized hereunder. §iLiLiAkls The titles to the various Articles herein are for convenience only and are not to be considered part of said Articles nor shall they affect the meaning or the language of any such. Article.