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,
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,
"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
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.
This act shall take effect upon its passage.