SECTION 1. Notwithstanding the provisions of section six N of chapter forty of the General Laws or any other general or special law to the contrary, the town of Nantucket is hereby authorized to make permanent repairs on private ways within its corporate and municipal limits including improvements to grading, drainage, paving, resurfacing and curbing and to adopt by-laws to carry out the provisions hereof.
SECTION 2. Notwithstanding the provisions of any general or special law to the contrary, the town of Nantucket is hereby authorized to borrow, from time to time, such sums as may be necessary for the purpose of making repairs to private ways within said town. Each authorized issue shall be payable within twenty years from its date. Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the town under section ten of chapter forty-four of the General Laws and, except as provided herein, shall otherwise be subject to the provisions of said chapter forty-four.
SECTION 3. The by-laws of the town of Nantucket authorized by section one of this act shall provide for the cost of the repairs and borrowings authorized by this act to be apportioned to and among the benefitted property owners along the road so repaired as a betterment pursuant to chapter eighty of the General Laws. The board of assessors of said town of Nantucket are hereby authorized to set the number of years a betterment may be assessed for less than twenty years for private road improvements, notwithstanding the request of the owner of the land assessed. Said town shall accept settlement in cash for the full amount within thirty days or shall bill the property owner for the total cost to be divided over a period of years established pursuant to this section with interest to be computed at a minimum rate of two percent above the rate of interest charged said town on any funds borrowed by said town for this purpose. Said town shall record appropriate orders to secure payment in the same manner as it acquires a lien for a betterment assessment pursuant to said chapter eighty.
SECTION 4. The town of Nantucket is hereby authorized to appropriate funds and is further authorized to deposit betterment payments received under this act in a segregated revolving fund, which fund shall not require annual authorization pursuant to section fifty-three E> of chapter forty-four of the General Laws.
SECTION 5. This act shall take effect upon its passage.