§ 2-393. Establishment of the Plum Island Utility Fund.

(a)

There is hereby established a trust fund known as the Plum Island Water/Sewer Utility Fund ("Plum Island Utility Fund").

(b)

The Plum Island Utility Fund shall consist of the City of Newburyport's share of proceeds from the settlement agreement between the Commonwealth of Massachusetts and COM Smith Inc.

(c)

The city hereby establishes this Plum Island Utility Fund under the provisions of paragraph 2 of section Ill of the COM Smith Inc. Settlement Agreement. Accordingly, the Plum Island Utility Fund shall be ONLY be used to pay costs and expenses arising from or related to the Plum Island Water/Sewer Utility Project ("project"), including but not limited to the repair, modification, improvements, or optimization of the project, and reimbursement of the City of Newburyport's insurers, including the MllA Property & Casualty Group, Inc. ("MIIA") on terms arranged by the City of Newburyport.

(d)

Appropriations from this fund shall be made at the recommendation of both the mayor and the water/sewer commission with the approval of a two-thirds vote of the city council.

(e)

This section is adopted pursuant to the establishment of stabilization funds in accordance with M.G.L.A. c. 40, § 5B.

(Ord. of 12-12-16(2))