SECTION 1. Chapter 248 of the acts of 2012 is hereby amended by striking out sections 1 and 2 and inserting in place thereof the following 2 sections:-

Section 1. Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Barnstable may establish a Sewer Construction and Private Way Maintenance and Improvement Fund to receive revenue under section 3A of chapter 64G of the General Laws, in the manner set forth in section 2, and may appropriate monies in said fund for sewer construction and maintenance and improvements of private ways.

Notwithstanding any general or special law to the contrary, the amount of the excise collected under section 2 of chapter 64L of the General Laws by the town of Barnstable beginning with fiscal year 2011 shall be credited to the Sewer Construction and Private Way Maintenance and Improvement Fund without further appropriation.

Any interest accrued shall be added to and become part of the Sewer Construction and Private Way Maintenance and Improvement Fund. The treasurer of the town of Barnstable 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 2. Notwithstanding any general or special law to the contrary, the amount of the excise based on rates in excess of 4 per cent collected under section 3A of chapter 64G of the General Laws by the town of Barnstable beginning with fiscal year 2011 shall be credited to the Sewer Construction and Private Way Maintenance and Improvement Fund, established in section 1, without further appropriation.

SECTION 2. This act shall take effect upon its passage.