[HISTORY: Adopted by the City Council of the City of Beverly as indicated in article histories. Amendments noted where applicable.]
[Adopted 2-6-2017 by Ord. No. 301]
Editor's Note: This ordinance also accepted the provisions of MGL c. 44, § 55C.
The Beverly Affordable Housing Trust Fund is hereby established.
The Trustees of the Beverly Affordable Housing Trust Fund shall administer an Affordable Housing Trust Fund to provide for the creation and preservation of affordable housing within the City of Beverly for the benefit of low- to moderate-income households and for the funding of community housing, as defined in and in accordance with the provisions of MGL c. 44B.
Composition. The Beverly Affordable Housing Trust Fund shall have a Board of Trustees composed of five (5) Trustees. The Mayor shall serve as one of the Trustees.
Appointment of Trustees; terms, vacancies. The Mayor shall appoint Trustees annually in January, subject to confirmation by the City Council. The Trustees first appointed shall have staggered terms, with two (2) of the appointed Trustees initially serving a one-year term, and the remaining two (2) serving a two-year term. Thereafter, all appointments and reappointments, with the exception of the Mayor's term, shall be for a period of two (2) years. If a vacancy shall occur among the Trustees, it shall be filled in the same manner as the original appointment for the unexpired term.
Service without compensation. The Trustees shall serve without compensation.
Removal. Trustees may be removed by the Mayor, subject to the provisions of Section 3-4 of the Beverly City Charter.
Authority and Responsibilities.
The specific authority and responsibilities of the Trustees, all of which shall be carried on in furtherance of the purposes set forth in MGL c. 44, § 55C, and in this article, are as follows:
To accept and receive property, whether real or personal, by gift, grant, devise, or transfer from any person, firm, corporation or other public or private entity, including without limitation grants or funds or other property tendered to the trust in connection with provisions of any zoning ordinance or bylaw or any other ordinance or bylaw;
To purchase and retain real or personal property, including without restriction investments that yield a high rate of income or no income;
To sell, lease, exchange, transfer or convey any personal, mixed, or real property at public auction 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 undertaking relative to trust property as the Board deems advisable, notwithstanding the length of any such lease or contract;
To execute, acknowledge and deliver deeds, assignments, transfers, pledges, leases, covenants, contracts, promissory notes, releases and other instruments sealed or unsealed, necessary, proper or incident to any transaction in which the Board engages for the accomplishment of the purposes of the trust;
To employ advisors and agents, such as accountants, appraisers and lawyers as the Board deems necessary;
To fund grant positions for municipal employees through specified grants established by the trust, whose positions are in furtherance of the purposes set forth in MGL c. 44, § 55C, and in this article;
To pay reasonable compensation and expenses to all advisors and agents and to apportion such compensation between income and principal as the Board deems advisable;
To apportion receipts and charges between incomes and principal as the Board deems advisable, to amortize premiums and establish sinking funds for such purpose, and to create reserves for depreciation depletion or otherwise;
To participate in any reorganization, recapitalization, merger or similar transactions; and to give proxies or powers of attorney with or without power of substitution to vote any securities or certificates of interest; and to consent to any contract, lease, mortgage, purchase or sale of property, by or between any corporation and any other corporation or person;
To deposit any security with any protective reorganization committee, and to delegate to such committee such powers and authority with relation thereto as the Board may deem proper and to pay, out of trust property, such portion of expenses and compensation of such committee as the Board may deem necessary and appropriate;
To carry property for accounting purposes other than acquisition date values;
To borrow money on such terms and conditions and from such sources as the Board deems advisable, to mortgage and pledge trust assets as collateral;
To make distributions or divisions of principal in kind;
To comprise, attribute, defend, enforce, release, settle or otherwise adjust claims in favor of or against the trust, including claims for taxes, and to accept any property, either in total or partial satisfaction of any indebtedness or other obligation, and subject to the provisions of this article, to continue to hold the same for such period of time as the Board may deem appropriate;
To manage or improve real property; and to abandon any property which the Board determined not to be worth retaining;
To hold all or part of the trust property uninvested for such purposes and for such time as the Board may deem appropriate;
To extend the time for payment of any obligation to the trust; and
To create guidelines and principles for the Trustees as to strategies for the investment and expenditure of trust funds.
The powers and duties enumerated above are intended to encompass all powers and duties of the Trustees. Any action, power or duty not enumerated above shall require prior approval of the City Council.
The conveyance of any real property § 33-3E(a), (b), or (c) above, shall require the approval of the Mayor and the City Council.
Any debt incurred by the trust shall not constitute a pledge of the full faith and credit of the City of Beverly, and all documents related to any debt shall contain a statement that the holder of any such debt shall have no recourse against the City of Beverly, with an acknowledgement of said statement by the holder.
The trust shall meet at regular intervals.
The Trustees shall keep a record of their doings and make a report thereof to the City annually. The report shall include a description and source of funds received and expended and the type of affordable housing programs or properties assisted with the funding. Such report shall be sent to the Mayor not later than January 15 in each year, and a copy thereof shall be filed with the Department of Planning and Community Development. The books and records of the trust shall also be audited annually by an independent auditor in accordance with accepted accounting practice. The audit of the trust may be done by the City's auditors. The Trustees shall also provide the City Council with a copy of the trust's annual audit.
Notwithstanding any general or special law to the contrary, all moneys paid to the trust in accordance with any zoning ordinance or bylaw or private contributions 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 moneys remaining in the trust at the end of any fiscal year, whether or not expended by the Board within one year of the date they were appropriated into the trust, remain trust property.
The trust is a public employer and the members of the Board are public employees for purposes of Chapter 258 of the Massachusetts General Laws.
The trust shall be deemed a municipal agency and the Trustees shall be deemed as special municipal employees for purposes of Chapter 268A of the Massachusetts General Laws.
The trust is exempt from Chapters 59 and 62 of the Massachusetts General Laws, 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.
The trust is a governmental body for purposes of Sections 23A, 23B and 23C of Chapter 39 of the Massachusetts General Laws.
Editor's Note: MGL c. 39, §§ 23A, 23B and 23C, regarding open meetings of government bodies, were repealed by L. 2009, c. 28, § 20. See now MGL c. 30A, §§ 18 through 25.
The trust is a Board of the city for purposes of Massachusetts General Law 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 City or town shall be exempt from said Chapter 30B of the Massachusetts General Laws.