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. Notwithstanding the provisions of any general or special law to the contrary, the town of Charlton may establish and maintain two funds, one to be known as the Charlton Debt Service Reserve Fund and the second to be known as the Charlton Capital Expenditures Fund which shall be kept separate and apart from all other accounts of the town. The town treasurer shall be the custodian of each fund and may deposit the proceeds or invest the same in accordance with the provisions of section 54 or 55 of chapter 44 of the General Laws. Any interest earned thereon shall be credited to, and become part of, the funds.
SECTION 2. The town of Charlton may appropriate monies from the Charlton Debt Service Reserve Fund at any special or annual town meeting to pay principal on any long term debt of said town, including water and sewer fund debt maturing, callable or due in the ensuing fiscal year. Said town of Charlton may appropriate monies from the Charlton Capital Expenditures Fund at any special or annual town meeting to pay for any capital expenditures of said town including water and sewer fund capital expenditures.
SECTION 3. The town of Charlton may appropriate money in any year into the Charlton Debt Service Reserve Fund and the Charlton Capital Expenditures Fund from any available source. The amounts to be appropriated shall be submitted by the board of selectmen to the town meeting.
SECTION 4. All amounts paid annually by Millennium Power Partners, L.P. or its successors or assigns in lieu of taxes as authorized by chapter 462 of the acts of 1996 shall be allocated as follows:-
The members of the board of selectmen, board of assessors and the town treasurer shall, annually, acting jointly, by a majority vote, specify the amounts to be deposited in the following funds: (a) no more than 40 per cent in the Sewer Enterprise Fund, (b) no more than 20 per cent in the Water Enterprise Fund if and when said town establishes such fund in accordance with the provisions of section 53F½ of chapter 44 of the General Laws, (c) no more than 20 per cent in the Debt Service Reserve Fund, (d) no more than 10 per cent in the town's Stabilization Fund; provided, however, that such deposit shall not cause the amount of the fund to exceed the limit established under the provisions of section 5B of chapter 40 of the General Laws, and (e) any remaining funds shall be deposited in the Charlton Capital Expenditures Fund.