AN ACT AUTHORIZING THE TOWN OF BELLINGHAM TO ESTABLISH A TAX STABILIZATION 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 town of Bellingham may establish a
separate fund to be known as the Tax Stabilization Fund, which the town
treasurer shall keep
separate and apart from all other monies of said town
which may be appropriated an amount not to exceed 30 per cent of the amount
preceding fiscal year by the taxation of real estate and tangible personal
property. The treasurer may invest such funds in the manner authorized by
sections 54 and 55 of said chapter 44. The principal and
thereon shall be reserved to mitigate the loss of taxes and revenues resulting
from the termination of any in lieu of tax agreement between the town and any
power and electric
generating plant located in the town.