An Act To Allow the Towns of Mapleton, Castle Hill and Chapman To Deposit All Tax Revenues, Grant Revenues and Other Income and Revenues into One Depository Account

Sec. 1. Towns of Mapleton, Castle Hill and Chapman authorized to create and maintain common depository account. The Town of Mapleton, Town of Castle Hill and Town of Chapman entered into an interlocal agreement in 1991 pursuant to the Maine Revised Statutes, Title 30-A, chapter 115. In order for the towns to realize considerable cost savings and increased administrative efficiencies, the towns may create and maintain a common ownership depository account in the name of the 3 towns for the deposit of all tax revenues, grant revenues and other income and revenues received by the individual towns. This depository account is to be administered and used to pay both individual town and joint town operating expenses and costs.

The records of this depository account must be maintained at all times in such a manner as to allow each town's contributions and deposits into the depository account, along with each town's pro rata share of all income and interest generated by the depository account, to be calculated and determined. Only a specific town's revenues may be used to pay for its operating expenses and costs attributable to that specific town, whether individually or pursuant to the cost-sharing formula, as amended from time to time by the towns, as set out in the 1991 interlocal agreement.

The funds deposited by each town into the depository account and the interest and income attributable to the funds of each town, for all purposes and at all times, remain the property of each individual town and are not, in any manner or for any reason whatsoever, available, attachable or subject to lien for the obligations of any kind, description or nature of the other 2 contributing towns.

All other applicable statutory requirements relating to municipal depository accounts apply to the depository account created pursuant to this Act, and the depository account must be administered and the account records maintained in conformity with generally accepted principles of municipal accounting.

SUMMARY

This bill authorizes the towns of Mapleton, Castle Hill and Chapman to create and maintain a common ownership depository account in the name of the 3 towns for the deposit of all tax revenues, grant revenues and other income and revenues received by the individual towns.