Session Laws

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. Notwithstanding the provisions of section sixty-three of chapter forty-four of the General Laws or any other general or special law to the contrary, the town of Reading is hereby authorized to establish a special fund for the proceeds from the sale of real estate received after March first, nineteen hundred and eighty-nine. The town treasurer shall be the custodian of such funds and shall invest such funds in the manner authorized by sections fifty-five, fifty-five A and fifty-five B of chapter forty-four of the General Laws. Investment income or proceeds received from any investment of funds shall be credited to and become part of the special fund. The special fund may be appropriated by a two-thirds vote at any town meeting to provide funding for capital projects or for the retirement of the debt service related to capital projects of bonds issued after November first, nineteen hundred eighty-eight, or to provide funding for the unfunded pension liability.

SECTION 2. In accordance with the agreement between the town of Reading and Homart Development Co. for the sale of the town's former landfill site the town is authorized to establish an indemnity fund in the amount of two million dollars from the proceeds of the sale for the indemnification of potential hazardous waste issues which may require the future expenditure of monies. Use of the monies in the indemnity fund shall be in accordance with the agreement, including the power of expenditure by the board of selectmen without appropriation by town meeting. The investment income and any part of the principal of the indemnity fund released to the town shall be added to and become part of the special fund authorized in section one.

SECTION 3. Any proceeds from the sale of real estate received after March first, nineteen hundred and eighty-nine shall, as appropriate, be transferred to either the special fund authorized by section one or the indemnity fund authorized by section two.

SECTION 4. This act shall take effect upon its passage.