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Municipal Investments & Trust Funds: Wonderland's $$$ Pit

Municipal Investments & Trust Funds: Wonderland's $$$ Pit

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Published by Craig Shibley
The following report was provided to the MA Collectors & Treasurers Association in 2010.

The legal framework governing the statutory power bestowed upon any town treasurer and how money can/should be invested must be applied to Wonderland 01005.

If you read carefully, Outsiders, red flags should be floating from the screen...
The following report was provided to the MA Collectors & Treasurers Association in 2010.

The legal framework governing the statutory power bestowed upon any town treasurer and how money can/should be invested must be applied to Wonderland 01005.

If you read carefully, Outsiders, red flags should be floating from the screen...

More info:

Categories:Types, Legal forms
Published by: Craig Shibley on Feb 11, 2014
Copyright:Attribution Non-commercial

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03/31/2014

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OoLLINS, LOaGHRAN
&
PELOQAIN,
P.C.Attorneys
at
Law
320
Norwood
Park South
Norwood
Massachusetts
02062Tel. (781) 762-2229
o
Fax
(781)
762-1803
Philip CollinsMichael
C.
LoughranLeo
J.
Peloquin
Tim D. NorrisKevin
P. Feeley,
Jr.
Laurie
W.
Engdahl
Daniel
C.
Brown
MUNICIPAL
TRUST
FLINDS
MAS
SACHUSETTS COLLECTORS
AND
TREASURERS
AS
SOCIATION
4OTH
ANNUAL
SCHOOLLTNIVERSITY
OF
MAS
SACHUSETTS
AMHERST,
MAS
SACHUSETTS
AUGUST
19,2OTO
Daniel C.
Brown
Collins,
Loughran
&
Peloquin,
P.C.320
Norwood
Park South
Norwood,
MA
02062781-762-2229
 
CoLLINS, LOaGHRAN &
PELOQaTN,
P.C.
Attomeys
at
Law
320
Norwood Park
South
Norwood,
Massachusetts
02062Tel.
(781)
762-2229
o
Fax (781)
762-1803
Philip Collins
Michael
C. Loug:hranLeo
J.
Peloquin
Tim
D.
NorrisKevin
P.
Feeley,
Jr.
l.aurie
W.
EngdahlDaniel
C.
Brown
MUNICIPAL
TRUST
FI,]NDS
I.
INTRODUCTION
Massachusetts
local
treasurers
traditionally
operate
under
the
well-established
legal
principle
that
they
receive and
take
charge
of
all
money
belonging
to
a
town.
TheMassachusetts
General
Laws
allow
treasurers
to
invest and reinvest
in
funds
and
securities;
however,
a
municipality's
obligations
are such
that
they
may
not
invest
in
any
fund which
is
not
approved
by the Commissioner
of
Banks.
IL
POWERS
OF
OFFICERS
AND
EMPLOYEES
OF
CITIES,
TOWNS AI\D
DISTRICTS
A.
Treasurer
and
Collector
Pursuant
to
M.G.L.
c.47,
$$35,46
the
treasurer
shall:
(1)
be
the
custodian
of
all
funds
and securities
of
trust
funds, and shall
invest
and
reinvest them pursuant
to
the
direction of
the commissioners;
(2)
pay
over
and
account
for the
same
according
to
the order
of
the
town,
and
of
the
authorizing officers;
(3)
furnish
a
bond annually
for
the
faithful
performance
of
hisArer duties
in
a
form
approved
by
the
Commissioner
of
Revenue,
which
will
cover
the
duties
of
the treasurer
with
respect
to
trust funds
and
funds
of
retirernent
systerns
which
are
in
hisftrer custody
by virtue of
his/trer
office.
 
B.
Mavor
of
Haverhill
v.
Water
Commissioners
of
Haverhill,
320 Mass.
63
(1946\.
All
funds
which
the heasurer
is
entitled to hold
must
be
turned
over
to
him
or her
in
order
to
safeguard
public
funds,
even
in
areas
where another
entity
formerly
received
and
held monies.
The water
commissioners
for
the
City
of Haverhill
were
required to
turn
over
to
the
treasurer
all
monies received
for
water
services
even though
custom
was
contrary to this practice.
Commonwealth v.
O'Brien,305
Mass.393
(1940).
In
a
case
involving
the prosecution
of
a
city
treasurer,
the
Suprerne
Judicial
Court
of
Massachusetts
held
that the burden was
on the Commonwealth to
demonstrate
beyond
a
reasonable
doubt
that
the
treasurer
fraudulently
converted
the
city's
money. ln
order
for
a
teasurer
to
be
guilty
of
fraud,
there
has
to
be some deceit
involved
because
the
treasurer
of
a
city
has at hisftrer disposal
a
municipality's
money
and the
right
to
legal
possession
of
the
same.
Commissioners of the
Trust
Funds
Any
city
or town,
except Boston,
may
create a
board
of
commissioners
of
tnrst
funds.
The board shall
consist
of
three persons
who shall
have the managonent
of all
trust
funds
given
or
bequeathed
for
the
benefit of
the
town
or
the inhabitants
thereof. M.G.L.
c.41,
$45.
l.
Appointment of
the
Board
in
Cities:
ln
cities,
the
commissioners shall
be
appointed
by
the
mayor
and
shall
be
confirmed
by
the council.
2.
Appointment
of
the Board
in
Towns:
ln
towns, the board shall
be
elected
in
the
same
manner
as
other
town
officers.
At
its inception,
there
shall
be
one
member
appointed
for
one year, one
member
for two
years,
and one
member
for
three
years.
Thereafter
one
member
shall
be
appointed
or
elected
annually for
a
period of
three years.
3.
Commissioners
in
Towns
With
Populations Under
51000: The board
of
selectmen
may
be
granted
the
same powers
and
duties
as
the
commissioners
of
trust
funds,
if
the
inhabitants
of
a
town
with
a
population
of
under
five
thousand votes
in
favor
of
such an arrangonent.
The board
of
selectmen
will
continue
to
have
such
power
until
the
inhabitants
of
the
town
exceed
five
thousand.
M.G.L.
c.41,045A.
4.
Powers and
l)uties:
The
authority
of
the board
of
commissioners shall
be
consistent
with
the
terms
of
the
trust.
Pursuant
to
M.G.L.
c.47,
$47, the

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