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Norwood adopts capital stabilization account policy after selectmen review
Summary
Following town‑meeting funding of a $2,000,000 special stabilization account, the Board of Selectmen unanimously approved a draft policy prepared by the town CFO to govern the use of the capital stabilization fund and satisfy bond‑agent expectations.
The Norwood Board of Selectmen voted unanimously Dec. 2 to adopt a special capital stabilization account policy drafted by the town’s CFO, following a prior town‑meeting vote to fund the reserve with $2 million in free cash.
Chair and finance officials told the board a written policy is required by state law (Chapter 40, Section 55B was…
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