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1986

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CHAPTER 651 AN ACT MAKING CORRECTIVE CHANGES IN CERTAIN FINANCIAL PROVISIONS APPLICABLE TO CITIES, TOWNS AND DISTRICTS.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 5C of chapter 40 of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- To provide for extraordinary or unforeseen expenditures, a district may at an annual or special district meeting appropriate or transfer a sum or sums not exceeding, in the aggregate, five per cent of the receipts from taxes, rates and services of the fiscal year preceding the fiscal year for which the fund, to be known as the reserve fund, is established.

SECTION 2. Section 6 of said chapter 40, as so appearing, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- To provide for extraordinary or unforeseen expenditures, a town may at an annual or special town meeting appropriate or transfer a sum or sums not exceeding in the aggregate five per cent of the levy of the fiscal year preceding the fiscal year for which the fund, to be known as the reserve fund, is established.

SECTION 3. Section 53A of chapter 44 of the General Laws, as amended by chapter 203 of the acts of 1986, is hereby further amended by striking out the second sentence and inserting in place thereof the following two sentences:- Notwithstanding the provisions of section fifty-three, any amounts so received by an officer or department of a city, town or district shall be deposited with the treasurer of such city, town or district and held as a separate account and may be expended as aforesaid by such officer or department receiving the grant or gift without further appropriation. If the express written terms or conditions of the grant agreement so stipulate, interest on the grant funds may remain with and become a part of the grant account and may be expended as part of the grant by such officer or department receiving the grant or gift without further appropriation.

Approved December 24, 1986.