[HISTORY: Adopted by the Town of Lancaster 5-1-2017 ATM by Art. 7. Amendments noted where applicable.]
There are hereby established in the Town of Lancaster pursuant to the provisions of MGL c. 44, § 53E 1/2, the following revolving funds, from which the specified department head, board, committee, or officer may incur liabilities against and spend monies from without appropriation in accordance with the limitations set forth in this bylaw.
Fringe benefits of full-time employees whose salaries or wages are paid from the fund shall also be paid from the fund.
No liability shall be incurred in excess of the available balance of the fund.
The total amount spent during a fiscal year shall not exceed the amount authorized by Annual Town Meeting or any increase therein as may later be authorized by the Board of Selectmen and Finance Committee in accordance with MGL c. 44 § 53E 1/2.
Interest earned on monies credited to a revolving fund established by this bylaw shall be credited to the General Fund.
Except as provided in MGL c. 44, § 53E 1/2 and this bylaw, all applicable state and local laws and regulations that govern the receipt, custody, expenditure and payment of Town funds shall apply to the use of revolving funds established and authorized by this bylaw.