AN ACT AUTHORIZING THE TOWN OF DANVERS TO ESTABLISH AN EDUCATIONAL RESERVE FUND.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the provisions of any general or special law to the contrary,
the town of Danvers is hereby authorized to appropriate in any year money to
establish a fund to be known as the Danvers Educational Reserve Fund, which
shall be kept separate and apart from all other monies by the treasurer, to
provide for the payment of school related emergencies and extraordinary
expenses including special education costs, provided however, no salary
increases shall be paid from said fund.
Expenditures from said fund shall be made upon recommendation of the school
committee with the approval of town meeting. All monies in said fund in excess
of six hundred thousand dollars including accrued interest shall be transferred
to the general fund of said town.