Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the provisions of any general or special law to the contrary, the town of Danvers is hereby authorized to appropriate in any year money to establish a fund to be known as the Danvers Educational Reserve Fund, which shall be kept separate and apart from all other monies by the treasurer, to provide for the payment of school related emergencies and extraordinary expenses including special education costs, provided however, no salary increases shall be paid from said fund.
Expenditures from said fund shall be made upon recommendation of the school committee with the approval of town meeting. All monies in said fund in excess of six hundred thousand dollars including accrued interest shall be transferred to the general fund of said town.