Notwithstanding any general or special law to the contrary, the Town of Boxford School Committee may appropriate or transfer, in any year without further appropriation, money from the school department budget to establish a reserve fund to provide for payment of unanticipated, unbudgeted and extraordinary costs of special education out-of-district tuitions and transportation. The Board of Selectmen may appropriate or transfer in any fiscal year money from the Town budget to fund said reserve fund. Such appropriation or transfer shall be in addition to any appropriation or transfer approved by Town Meeting from time-to-time to such reserve fund. The balance in the fund shall not exceed 2 per cent of annual net school spending as defined in chapter 70 of the General Laws for the prior fiscal year.
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