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:

To provide for the anticipated costs of funding reimbursements to the Commonwealth for unemployment compensation benefits under the provisions of Chapter 151A of the General Laws, the Shawsheen Valley Regional Vocational Technical School District may include in its annual budget for maintenance and operations an amount not exceeding one-twentieth of one percent of the combined equalized valuations of its member towns, to establish and maintain a special fund to be known as the unemployment compensation fund; provided, however, that no such amounts may be included in the district's annual budget for maintenance and operations at any time when the aggregate amount in such fund equals or exceeds one-tenth of one percent of the combined equalized valuations of the member towns of the district. Any interest shall be added to and become a part of such special fund. Any moneys or funds deposited in such a fund, including any interest earned on such moneys or funds, shall be excluded from the calculation of the unencumbered amount in the district's excess and deficiency funds, so-called, under Section 16B> of Chapter 71 of the General Laws.