AN ACT ESTABLISHING A BETTERMENT FUND IN THE TOWN OF SPENCER.
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
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
and 55 of said chapter 44. Any interest earned thereon shall be credited to
become part of the fund. The principal and income earned on the fund shall be
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.