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 Brookline is hereby authorized to appropriate an amount not exceeding in any one year .05 per cent of its equalized valuation, as defined in section 1 of chapter 44 of the General Laws, to establish and maintain a special fund to be known as the Town of Brookline Liability Insurance Fund from which insurance premiums, property damage losses, including losses involving town owned property, and personal injury or other claims, settlements and judgments may be paid. The treasurer of said town shall be the custodian of said fund and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, cooperative banks or trust companies organized under the laws of the commonwealth, or, invest the same in such securities as are legal for the investment of funds of savings banks under the laws of the commonwealth. Any interest or other income shall be added to and become a part of the fund.
SECTION 2. The Town of Brookline Liability Insurance Fund may be appropriated at any town meeting by a majority vote, or, if appropriated to fund a settlement not approved by the board of selectmen and town counsel, by a two-thirds vote at any town meeting.
SECTION 3. This act shall take effect upon its passage.