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 any general or special law to the contrary, the town of Plymouth is hereby authorized to establish a special reserve fund for the purpose of offsetting any adverse effects on revenue resulting from the deregulating of the electric utility industry pursuant to chapter 164 of the acts of 1997.

SECTION 2. Said town may in any fiscal year appropriate into the fund any sum deemed to be necessary and appropriate. The town treasurer shall maintain said fund which shall be kept separate and apart from all other accounts of said town. Any interest shall be added to and become part of the fund.

SECTION 3. Said town may appropriate from the fund by a two-thirds vote of the town meeting for any lawful purpose to offset any loss of revenue resulting from the deregulation of the electric utility industry.

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