SECTION 1. Notwithstanding the provisions of section 53E½ of chapter 44 of the General Laws or any other general or special law to the contrary, there shall be in the town of North Andover a special purpose revolving fund into which shall be deposited receipts received from the use and operation of what is commonly known as the Stevens Estate, located at 723 Osgood Street, North Andover, MA, such fund to be known as the Stevens Estate revolving fund.
SECTION 2. The Stevens Estate revolving fund may be expended by the town manager for the maintenance, repair, upkeep and operation of the Stevens Estate, including associated buildings and grounds.
SECTION 3. The limit on the total amount that may be expended from the Stevens Estate revolving fund in any fiscal year shall be determined annually by vote of the Select Board.
SECTION 4. The Stevens Estate revolving fund, except as otherwise contained herein, shall be considered a revolving fund for the purposes of said section 53E½ of chapter 44.
SECTION 5. This act shall take effect upon its passage.
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