SECTION 1. Section 28B of chapter 35 of the General Laws, as so appearing in the 2012 Official Edition, is hereby amended by inserting after section (i) the following section:-
(j) For the purpose of creating and maintaining a County Stabilization Fund the advisory board may appropriate in any year any amount as may be approved by a two-thirds vote. Any interest shall be added to and become part of the fund.
The Treasurer shall be custodian of said fund and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, cooperative banks or in participation units in a combined investment fund under section thirty-eight A of chapter twenty-nine, or invest the same in such securities as are legal for the investment of funds of savings banks under the provisions of chapter one hundred and sixty-eight or in federal savings and loans situated in the commonwealth.
The County Stabilization Fund may be appropriated by the county commissioners with the approval of a two-thirds vote of the advisory board for any purpose.
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