SECTION 1.  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 town of Barnstable is hereby authorized to establish a Sewer Construction Fund to receive revenue under section three A of chapter sixty-four G of the General Laws, in the manner set forth in section three, and may appropriate monies in said fund for sewer construction.

SECTION 2.  Notwithstanding the provisions of any general or special law to the contrary, the amount of the excise collected under section two A of chapter sixty-four L of the General Laws by the town of Barnstable beginning with fiscal year two thousand and eleven shall be credited to the Sewer Construction Fund without further appropriation.

SECTION 3.  Notwithstanding the provisions of any general or special law to the contrary, the amount of the excise based on rates in excess of 4% collected under section three A of chapter sixty-four G of the General Laws by the town of Barnstable beginning with fiscal year two thousand and eleven shall be credited to the Sewer Construction Fund without further appropriation.

SECTION 4.  Notwithstanding the provisions of any general or special law to the contrary, any interest shall be added to and become part of the Sewer Construction Fund. The treasurer shall be the custodian of all such funds and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, co-operative banks or trust companies organized under the laws of the commonwealth, or invest the same in such securities as are legal for the investment of funds of savings banks under the laws of the commonwealth or in federal savings and loans associations situated in the commonwealth.

SECTION 5.  This act shall take effect upon its passage.”