Title
Order: That the Malden City Council, pursuant to the authority granted under Massachusetts General Laws Chapter 40, Section 5B, hereby adopts the local option to establish a Short-Term Capital Needs Special Purpose Stabilization Fund.
Body
The purpose of the Fund shall be to provide financial resources for the acquisition, replacement, repair, rehabilitation, or improvement of municipal capital assets and equipment that, consistent with the City's financial policies, are appropriately funded on a pay-as-you-go basis rather than through long-term borrowing. Some examples include but are not limited to:
• Police and fire vehicles and equipment;
• Public Works vehicles and equipment;
• Snow removal and grounds maintenance equipment;
• Information technology and computer equipment;
• Telecommunications and communications systems;
• Public safety and emergency response equipment;
• Building systems and equipment;
• Generators and emergency power equipment; and
• Replacement of major components of municipal facilities and equipment.
The Fund shall be maintained and administered in accordance with Massachusetts General Laws Chapter 40, Section 5B and other applicable laws.