Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Spencer may establish a fund, which the town treasurer shall keep separate and apart from all other monies of the town and in which shall be deposited all water, sewer, road and sidewalk betterment payments received by the town for any such betterment made after the effective date of this act. The town treasurer may invest such funds in the manner prescribed in sections 54 and 55 of said chapter 44. Any interest earned thereon shall be credited to and become part of the fund. The principal and income earned on the fund shall be available for expenditure by the board of selectmen without further appropriation for the acceptance and improvement of private ways, which improvements shall be done in accordance with chapter 80 of the General Laws, and other water, sewer, road and sidewalk betterments.