Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Bellingham may establish a separate fund to be known as the Tax Stabilization Fund, which the town treasurer shall keep separate and apart from all other monies of said town and into which may be appropriated an amount not to exceed 30 per cent of the amount raised in the preceding fiscal year by the taxation of real estate and tangible personal property. The treasurer may invest such funds in the manner authorized by sections 54 and 55 of said chapter 44. The principal and interest thereon shall be reserved to mitigate the loss of taxes and revenues resulting from the termination of any in lieu of tax agreement between the town and any power and electric generating plant located in the town.