The CPC shall annually prepare a capital improvement and capital
equipment expenditure program for each fiscal year. The CPC shall
submit the program in the form of a report to the Board of Selectmen,
Finance Committee and Town Manager prior to January 1 preceding the
start of the fiscal year to which the report pertains. The report
shall include without limitation all capital improvements and all
capital equipment expenditures for which Town Meetings made an appropriation
and which improvements and expenditures have not been fully paid for
or for which any borrowing in connection therewith has not been fully
paid. The report shall also include without limitation a description
of any capital improvement or capital equipment expenditures which
the CPC recommends in the report to be undertaken during the fiscal
year which is the subject of the report or during the four fiscal
years thereafter. The report shall include cost estimates and proposed
sources and methods of financing, including proposed schedules for
bonded indebtedness, if any, for each such capital improvement and
capital equipment expenditure which the CPC recommends shall be undertaken.
The CPC shall also include in its report its recommendations as to
the priority of each recommended capital improvement and capital equipment
expenditure. The initial report shall be submitted prior to January
1, 1991.
The Board of Selectmen may include the report as the subject
of an article in the warrant for the Annual Town Meeting for the purpose
of hearing the report and for such action as the Town Meeting may
determine is appropriate with respect thereto.
The CPC shall annually review the capital improvement and capital
equipment expenditure program which it prepares under this bylaw.
All Town officers, boards, agencies and departments which propose
a capital improvement or capital equipment expenditure shall submit
the proposal in writing to the CPC for review. All proposals submitted
shall include cost estimates and proposed sources and methods of financing.
The CPC shall, in writing, make appropriate recommendations to the
party making the submission with respect to each such proposal. The
CPC shall provide copies of its recommendations to the Board of Selectmen,
Town Manager and Finance Committee.
As used in this bylaw, the following terms shall have the meanings
indicated:
CAPITAL IMPROVEMENT
The purchase of real estate or the construction, reconstruction,
installation, alteration, remodeling, maintenance or repair of a public
work or a public building which is estimated to cost more than $25,000.