AN ACT AUTHORIZING THE TOWN OF HOLBROOK TO ESTABLISH A BETTERMENT 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. Notwithstanding the provisions of section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Holbrook is hereby authorized to establish a separate fund to be known as the betterment reserve fund, which shall be kept separate and apart from all other monies of said town by the town treasurer and in which shall be deposited all betterment payments received by said town. The treasurer may invest such funds in the manner authorized by sections 54 and 55 of said chapter 44. The principal and interest thereon shall be reserved for appropriation for the p said town's betterment debt. Any excess in said fund may be transferred to the general fund of said town.
SECTION 2. This act shall take effect upon its passage.