AN ACT AUTHORIZING THE CITY OF LOWELL TO ESTABLISH A CEILING OF THE AMOUNT REQUIRED TO BE APPROPRIATED FOR THE SUPPLEMENTAL RESERVE FUND.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. The third paragraph of section 6 of chapter 17 of the acts of 1992 is hereby amended by striking out, in lines 15 to 19, inclusive, the words "nineteen hundred and ninety-seven and each subsequent fiscal year shall be an amount equal to one and one-half percent of the gross amount to be raised for the prior fiscal year for the general operating fund as appearing on the city's tax rate recapitulation for such prior year" and inserting in place thereof the following words:- 1997 shall be an amount equal to one and one-half per cent of the gross amount to be raised for the prior fiscal year for the general operating fund, as appearing on the city's tax rate recapitulation for such prior year; and the required amount of the supplemental reserve fund for subsequent fiscal years shall not be less than the amount of the supplemental reserve fund for fiscal year 1997, plus any additional amount, if any, as the city shall determine.
SECTION 2. This act shall take effect upon its passage.