SECTION 1:  Notwithstanding section 5B of Chapter 40 of section 53 of chapter 44 of the General Laws or any general or special law to the contrary, there shall be in the City of Everett a Community Enhancement Fee Stabilization Fund.  The fund shall be credited, without further appropriation, all payments made pursuant to Section 1(A)(2) of the Host Community Agreement By and Between the City of Everett and Wynn, MA, LLC, with monies appropriated or transferred to the fund by a 2/3 vote of the Everett City Council.  Any interest accrued shall be credited to and become part of the fund.

SECTION 2:  The Community Enhancement Fee Stabilization Fund established by SECTION 1 may be appropriated by a 2/3 vote of the Everett City Council for the purposes contained in Section 1 (A)(2) of the Host Community Agreement By and Between the City of Everett and Wynn MA, LLC and other capital projects to be identified by the City of Everett, including but not limited to the acquisition of interests in land, the acquisition of tangible assets or the undertaking of assets or projects that have a useful life of at least 5 years and a cost of not less than $50,000.00 and which are not categorized as annual operating expenses; provided, however, that "capital project" shall include the payment of debt service on such projects, whether such projects were approved prior to or following the effective date of this act, and major departmental capital equipment, even if acquired on a regular basis that meets the useful life requirement of this section.

SECTION 3:  Upon the request of the Mayor of the City of Everett, monies in the fund, up to 2.5 percent of the amount raised by taxation by the City in the most recent fiscal year for which the tax rate has been certified pursuant to section 23 of Chapter 59 of the General Laws, may be appropriated for non-capital project purpose by a 2/3 vote of the Everett City Council.

SECTION 4:  This act shall take effect upon its passage.