Notwithstanding the provisions of Section 53 of Chapter 44 of the General Laws or any other general or special law to the contrary, the Town of Stoneham is authorized to create a special fund for the deposit of any proceeds to the Town of Stoneham from the leasing or licensing (including use and occupancy agreements) of the Railroad Right-of-Way land of the former Stoneham Branch line of the Massachusetts Bay Transportation Authority Lowell Line/Boston & Maine Railroad, running from Recreation Park to the Woburn Town line subsequent to July 1, 2013. Interests earned on this fund shall be treated as general fund revenue of the Town.  Any balance remaining at the end of a fiscal year shall carry over to the next fiscal year and thereafter if not then expended for the purposes set out herein.

Proceeds from the special fund shall be used at the determination of the Town Administrator, in consultation with the Stoneham Bikeway/Greenway Committee or its successor, without further appropriation, for capital improvements to, or maintenance or repair of, the multi-use trail and/or linear park to be constructed on said Railroad Right-of-way property.  Expenditures shall not be made or liabilities incurred from any such revolving fund in excess of the balance of the fund. 

Further to authorize the Board of Selectmen and/or Town Administrator to take any action needed with respect to this petition being submitted to or passed by the General Court.

This Act shall take effect upon its passage.