Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
The town of Bellingham is hereby authorized to establish a separate fund within the town treasury for the purpose of offsetting the anticipated cost of the school teacher attendance incentive pay program. Said fund shall be known as the school teacher's attendance incentive pay fund. Said town may appropriate in any one year an amount not exceeding one-twentieth of one per cent of its equalized evaluation into said fund, but no money shall be appropriated for such purpose while the fund equals or exceeds one per cent of such equalized evaluation.
The treasurer of said town shall be the custodian of such special fund and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, co-operative banks or trust companies organized under the laws of the commonwealth, or invest the same in such securities as are legal for the investment of funds for savings banks under the laws of the commonwealth or in federal savings and loan associations situated in the commonwealth. Any accumulated principal and interest may be appropriated at the annual town meeting for the purpose of offsetting the anticipated cost of the attendance incentive pay program during the upcoming fiscal year.
The treasurer shall expend from time to time, at the discretion of the school committee, such amounts appropriated to satisfy the costs of such program during the fiscal year. Any principal or interest not expended during the fiscal year shall revert to the school teacher's attendance incentive pay fund.