AN ACT AUTHORIZING THE CENTERVILLE-OSTERVILLE-MARSTONS MILLS FIRE DISTRICT 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,
Notwithstanding section 53 of chapter 44 of the General Laws or any
other general or special law to the contrary, the
Centerville-Osterville-Marstons Mills Fire District may
establish a separate fund to be known as the Betterment Reserve Fund, which
the treasurer of the district shall keep separate and apart from other monies
of the district. All
betterment payments, apportioned and
unapportioned, and received by the district, shall be deposited into the fund.
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 payment of the district's betterment debt. Any excess in the fund may be
transferred to the general fund of the district.