WeVote
Log In

Bill

Bill

HD 4665

An Act authorizing the town to establish a millennium fund of the Wayland Free Public Library

194th Legislature (2025-2026) Introduced by David Linsky

Authorizes Wayland to create and manage a dedicated Millennium Fund to support the public library beyond ordinary town appropriations.

Referred to the committee on Municipalities and Regional Government
0
WeVote Research Nonpartisan
Bill Summary · HD 4665

Bill HD 4665 — An Act authorizing the town to establish a millennium fund of the Wayland Free Public Library

Overview

  • Bill number: HD 4665
  • Title: An Act authorizing the town to establish a millennium fund of the Wayland Free Public Library
  • Introduced: May 12, 2025 (Filed May 8, 2025)
  • Status: Referred to the Committee on Municipalities and Regional Government
  • Local approval: Indicated as received in the bill’s record

Purpose and intent

The act would authorize the Town of Wayland to create and maintain a dedicated, separate “Millennium Fund of the Wayland Free Public Library.” The fund is designed to support Wayland’s public libraries beyond ongoing annual town appropriations, enabling targeted philanthropy and investment to strengthen library services.

Key provisions

1) Establishment and use of the fund
- Creates a standalone purpose fund named the Millennium Fund of the Wayland Free Public Library.
- Funds are to be used exclusively to support Wayland public libraries beyond the town’s ordinary appropriations.

2) Receipt of gifts and grants
- The Trustees of the Wayland Free Public Library may accept grants, gifts, or securities into the fund.
- Donors may specify restrictions; otherwise, gifts go to the Millennium Fund.
- Interest, dividends, revenue, or growth earned by the fund accrue to the fund.
- Trustees have sole discretion over how to use funds to achieve the purposes in Section 1, without requiring further town appropriation.

3) Custodian and investment
- The Town’s Trust Fund Commissioners shall serve as custodian and maintain the fund as a separate revenue account.
- Investments and reinvestments may be made under the authority of Chapter 203C.
- The Town Treasurer disburses funds as directed by the Trustees.
- Annual independent audit required; audit copies provided to the Trustees and the Select Board.

4) Identification and transfer of existing donor funds
- Within 30 days of the act’s effective date, Commissioners must identify town funds that were donor-designated for the fund and transfer them into the Millennium Fund.

5) Acceptance of tangible gifts
- Trustees may accept tangible personal property as gifts from federal/state entities, foundations, companies, individuals, or other government bodies.
- Such gifts may be used without additional specific appropriation to achieve the fund’s purposes (subject to any attached restrictions).

6) Effective date
- The act takes effect upon passage.

Governance and oversight

  • Trustees of the Wayland Free Public Library: responsible for guiding fund use and meeting the purposes in Section 1.
  • Trust Fund Commissioners: custodian and administrator of the fund’s accounts; oversee investments and reporting.
  • Independent auditor: annual audit required with reports to Trustees and the Select Board.

Who is affected

  • Wayland Free Public Library and its Trustees
  • Trust Fund Commissioners and Town Treasurer
  • Wayland residents benefiting from enhanced library services
  • Donors and grantmakers contributing to the fund
  • Town governance bodies (Select Board) overseeing the fund

Timeline and implementation

  • If enacted, the fund would be established and become operative upon passage.
  • Within 30 days of effective date, existing donor-identified funds would be transferred into the Millennium Fund.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.