SECTION 1. Notwithstanding the provisions of section 53 of chapter 44 of the General Laws or any other general law to the contrary, the town of Natick is hereby authorized to establish a fund, which shall be kept separate and apart from all other monies of said town by the town treasurer and in which shall be deposited all off-site parking construction and acquisition payments received by said town. Said town treasurer may invest such funds in the manner prescribed in sections 54 and 55 of said chapter 44. Any interest earned thereon shall be credited to and become part of said fund. The principal and income therefrom shall be available for expenditure by the board of selectmen without further appropriation for the acquisition and construction of new parking in the Downtown Mixed Use (DM) and Housing Overlay Option Plan (HOOP) zoning districts of said town.
SECTION 2. This act shall take effect upon passage.
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