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DRAFT V4) APPROPRIATION COMMITTEE ZOZO-Z AND 2020-3 SPECIAL TOWN MEETINGS 7 OCTOBER ZOZO surcharge is zero. Thus,property owners that redeveloped parcels for their own occupancy would owe no surcharge after five years. This article is designed to impose the full surcharge for speculative real estate development where newly built houses are immediately put up for sale, while limiting the impact on applicants who intend to build and reside in a new dwelling. The article contemplates that all received surcharges would be deposited directly (without appropriation) into the existing Affordable Housing Capital Stabilization (ARCS) Fund for future use. Aone-time ap- proval by atwo-thirds vote of Town Meeting would be required to dedicate such a revenue stream to the ARCS Fund on an ongoing basis; and atwo-thirds vote would be required for any and all appropriations out of the ARCS Fund, or for any other changes to the administration of the fund. The Select Board would be authorized to approve minor amendments to the requested legislation, before its enactment by the General Court, as long as such amendments were within the scope of the general objectives of the motion. The Committee considers this article to be a reasonable policy that complements the related zoning regula- tion. The Committee recommends approval of this request(7-0). Special Town Meeting 2020-3 Article 2020-3.2 Appropriate for Prior Years' Unpaid Bills Funds Requested Funding Source Committee Recommendation None N/A IP As of publication,no action is anticipated under this article. The Committee supports indefinite postponement for this article. Article 2020-3.3 Establish, Dissolve and Appropriate To and From Specified Stabilization Funds Funds Requested Funding Source Committee Recommendation See below See below Approve(7-0) Specified Stabilization Funds The State statute authorizing towns to create and maintain a stabilization fund (G.L. c. 40, § SB) was amended in 2003 to permit the creation of stabilization funds for specified purposes. Multiple funds may be created for different purposes. Each fund is maintained in a separate and independent account, and interest earned remains with the fund. The monies in a specified stabilization fund maybe appropriated for the stated purposes but not for other purposes. Lexington's first specified stabilization funds were established at the 2007 Annual Town Meeting. 8