Andover voters change trust fund use policy

ANDOVER — Voters on Tuesday approved amending the rules governing the town’s Comsat Trust Fund policy, 114-85.

By removing a requirement that two-thirds of all registered must approve using the money, selectmen and administrators can more easily access the money for town use, including paying off a $1.07 million road bond authorized by voters in August.

If any money is borrowed from the fund, will shall be paid back under the terms and conditions to be voted on at the next annual town meeting, according to the ballot question.

According to the trust fund’s use policy article passed at the 1984 town meeting and printed in the June 2019 town report, guidelines include that the interest from the investment be used with “25% to be put back into the principal and 75% to be used to reduce the (tax) rate.”

The fund balance was $757,009 as of June 2018.

[email protected]