SECTION 1. Notwithstanding Section 53 of Chapter 44 of the General Laws or any other general or special law to the contrary, the select board in the town of North Reading may establish a special account into which the revenues generated by the town may be placed into without further appropriation from leases to cell tower companies of space: (1) on town water towers; and (2) at the DPW facility located at 166 Chestnut Street, North Reading.

SECTION 2. The special account shall be maintained by the treasurer of the town of North Reading in a banking institution doing business in the commonwealth and expenditures from the special account shall be made subject to appropriation by a majority vote of the town meeting. The treasurer of the town of North Reading may invest monies in the special account and the income and interest accruing shall inure to the benefit of the special account. In the event that the town is holding unappropriated funds received as lease payments subject to this act that were received before the effective date of this act, the treasurer may deposit and manage said funds into the special account consistent with the terms of this act.

SECTION 3. This act shall take effect upon its passage.