Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of section fifty-three of chapter forty-four of the General Laws or any other general or special law to the contrary, the town of Tisbury may establish a special fund which shall be kept separate and apart from all other monies by the treasurer of said town and in which shall be deposited the receipts from the sale of land to be used for the construction of affordable housing less accrued taxes and expenses. The principal and interest thereon shall be reserved for appropriation for the purchase of additional land for such purpose and for the expenses of the resident homesite and tenant selection committee of the town.
SECTION 2. This act shall take effect upon its passage.