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. Chapter 136 of the acts of 1987 is hereby amended by inserting after section 5A, inserted by section 2 of chapter 450 of the acts of 1989, the following section:-

Section 5B. Notwithstanding the provisions of section fifty-three of chapter forty-four of the General Laws or any other general or special law to the contrary, the Mashpee water district is hereby authorized to establish a separate fund to be known as the Betterment Reserve Fund, which shall be kept separate and apart from all other monies of said district by the treasurer of said district. All betterment payments, apportioned and unapportioned and received by said district shall be deposited into said fund.

The treasurer may invest such funds in the manner authorized by sections fifty-four and fifty-five of said chapter forty-four.

The principal and interest thereon shall be reserved for appropriation for the payment of said district's betterment debt. Any excess in said fund may be transferred to the general fund of said water district.

SECTION 2. This act shall take effect as of July first, nineteen hundred and ninety-four.