[HISTORY: Adopted by the Annual Town Meeting of the Town
of Williamstown 5-15-2012, Art. 22. Amendments noted where applicable.]
The purpose of the Williamstown Affordable Housing Trust shall
be to provide for the creation and preservation of affordable housing
in the Town of Williamstown for the benefit of low- and moderate-income
households.
[Amended 5-19-2015 ATM,
Art. 28; 5-17-2022 ATM, Art. 32]
A.
Establishment.
There shall be a Board of Trustees consisting of at least five and
no more than seven members who shall be appointed by the Select Board.
B.
Composition.
One of the Trustees shall be a member of the Select Board, one a member
of the Williamstown Affordable Housing Committee, and three to five
residents who would bring to the Trust relevant experience and expertise,
such as in real estate, housing, banking, fundraising, or the like.
Nothing in this subsection shall prevent the Select Board from appointing
the Town Manager as an ex-officio additional member, without the power
to vote.
C.
Terms.
Trustees shall be appointed, or reappointed, by the Select Board,
and shall serve for a term of two years, with the exception that two
initial appointments shall be made for one year only so as to allow
staggered terms.
D.
Residency.
Only persons who are residents of the Town of Williamstown shall be
eligible to hold the office of Trustee. Any Trustee who ceases to
be a resident of the Town of Williamstown shall cease to be a Trustee
hereunder and shall promptly provide a written notification of the
change in residence to the Board and to the Town Clerk. Vacancies
shall be filled by the Select Board for the remainder of the unexpired
term.
E.
Continuity
and removal. Upon the appointment of any succeeding Trustee, title
to the Trust estate shall thereupon be vested in such succeeding Trustee
jointly with the remaining Trustees, without the necessity of any
conveyance. Trustees serve at the will of the Select Board, and any
Trustee may be removed by that body for cause or no cause.
A.
Powers. The powers of the Board, all of which shall be carried on in furtherance of the purposes set forth in this act, shall include the following powers, subject to the limitations set forth in § 6-3B:
(1)
To solicit and accept grants, gifts, devices, and bequests, or otherwise
acquire real or personal property;
(2)
To invest any of the Trust property in such manner as they may deem
advisable without being limited as to the kind or amount of any investment;
(3)
To sell and exchange any real personal property or any interest therein
for such consideration and upon such terms and conditions as they
deem advisable;
(4)
To join with others in the acquisition of real property or any interest
therein;
(5)
To borrow money and mortgage or pledge any part of the Trust estate
assets and issue notes or other indebtedness;
(6)
To join with others in borrowings, mortgages and pledges, and to
guarantee and become surety on obligations of others in transactions
in which the Trust has an interest;
(7)
To execute, as lessor or lessee, leases, including for terms expiring
after the possible expiration of the Trust;
(8)
To restore, construct, repair and maintain buildings and to make
other improvements and establish such reserves as they deem necessary
therefor;
(9)
To pay, compromise or adjust all obligations incurred and rights
acquired in the administration of the Trust;
(10)
To obtain advice of counsel and to rely thereon;
(11)
To employ such other persons, agents, staff, brokers, managers, accountants
or advisors as they may deem advisable and to pay reasonable compensation
and expenses, apportioning same between income and principal as the
Board deems advisable; and
(12)
To execute, acknowledge, and deliver all such contracts, deeds, mortgages,
leases, discharges, and partial releases of mortgages or other instruments
as they may deem advisable in the course of the administration of
the Trust.
B.
Limitations.
These powers shall be subject to the following limitations:
(1)
Any purchase, sale, lease, exchange, transfer or conveyance of any
interest in real property must be approved by at least 4/5 of the
voting members.
[Amended 5-19-2015 ATM,
Art. 28]
(2)
The Trustees may incur debt, borrow money, grant mortgages and pledge
Trust assets only in an amount not to exceed 80% of the total value
of the Trust's assets.
(3)
Any debt incurred by the Board shall not constitute a pledge of the
full faith and credit of the Town of Williamstown, and all documents
related to any debt shall contain a statement that the holder of any
such debt shall have no recourse against the Town of Williamstown
with an acknowledgement of said statement by the holder.
C.
Full
powers of MGL c. 44, § 55C. The Trustees shall have these
and all powers set forth in MGL c. 44, § 55C, and shall
refrain from exercising any powers in such manner as to violate the
provisions of said statute.
D.
Single
appropriation. In accordance with MGL c. 44 § 55C(16)(d),
all monies paid to the Trust shall be 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 to be expended, these funds need not be further appropriated.
All monies remaining in the Trust at the end of any fiscal year, whether
or not expended by the Trustees within one year of the date that they
were appropriated into the Trust, remain Trust property.
[Amended 5-19-2015 ATM,
Art. 28]
The Trust shall meet at least quarterly at such time and such
place as the Trustees shall determine. Notice of all meetings of the
Trust shall be given in accordance with the provisions of the Open
Meeting Law, MGL, c. 39, §§ 23A, 23B and 23C. A quorum
at any meeting shall be a majority of the voting members.
[Amended 5-19-2015 ATM,
Art. 28]
A majority may exercise any and all of the powers of the Trustees hereunder and may execute on behalf of the Trustees any and all instruments with the same effect as though executed by all of the Trustees, subject to the limitations set forth in § 6-3B(1). No Trustee shall be required to give bond. No license of court shall be required to confirm the validity of any transaction entered into by the Trustees with respect to the Trust property.
The Trust is a public employer, and the members of the board
are public employees for purposes of MGL Chapter 268A. The Trust shall
be deemed a municipal agency and the Trustees special municipal employees,
for purposes of Chapter 268A.
The Trust is exempt from MGL Chapters 59 and 62, and from any
other provisions concerning payment of taxes based upon or measured
by property or income imposed by the commonwealth or any political
subdivision thereof.
[Amended 5-17-2022 ATM, Art. 32]
The Town Treasurer shall be the custodian of the funds of the
Trust. The books and records of the Trust shall be audited annually
by an independent auditor in accordance with accepted accounting practices
for municipalities. Upon receipt of a copy by the Board, a copy shall
be provided forthwith to the Select Board.
The Trust is a governmental body for purposes of MGL c. 39,
§§ 23A, 23B and 23C.
The Trust is a board of the Town for purposes of MGL Chapter
30B and MGL c. 40, § 15A, but agreements and conveyances
between the Trust and agencies, boards, commissions, authorities,
departments and public instrumentalities of the Town shall be exempt
from said MGL Chapter 30B.
Trustees shall not receive a salary, stipend, bonus, or other
means of compensation for their service as a Trustee, nor shall they
be eligible for any benefits from the Town of Williamstown. Trustees
may be compensated for reasonable out-of-pocket expenses for travel
and other Trust-related expenses. All such out-of-pocket expenses
shall be fully documented with receipts for expenses prior to payment
by the Trust.
The Trust shall be considered a public employer, and the Trustees
shall be subject to the conflict of interest provisions of MGL Chapter
268A.
[Amended 5-19-2015 ATM,
Art. 28; 5-17-2022 ATM, Art. 32]
This Trust may be amended from time to time by approval by at
least 4/5 of the voting members of the Trustees and approval by the
Select Board; provided, however, that no such amendment shall violate
the purposes of this Trust, nor of MGL, c. 44, § 55C.
The Trustees are hereby authorized to execute a Declaration
of Trust and Certificate of Trust for the Williamstown Affordable
Housing Trust to be recorded with the Berkshire North District Registry
of Deeds and filed with the Berkshire North Registry District of the
Land Court.
[Amended 5-17-2022 ATM, Art. 32]
The Trust shall be of indefinite duration, until terminated
by a vote of the Williamstown Town Meeting. Upon termination of the
Trust, subject to the payment of or making provisions for the payment
of all obligations and liabilities of the Trust and the Trustees,
the net assets of the Trust shall be transferred to the Town and held
for affordable housing purposes. In making any such distribution,
the Trustees may, subject to the approval of the Select Board, sell
all or any portion of the Trust property and distribute the net proceeds
thereof or they may distribute any of the assets in kind. The powers
of the Trustees shall continue until the affairs of the Trust are
concluded.
