AN ACT AUTHORIZING THE TOWN OF RAYNHAM 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, 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 Raynham may establish a separate fund to be known as the Betterment Reserve Fund, which shall be kept separate and apart from all other monies of the town by the town treasurer and in which shall be deposited all betterment payments received by the town. The treasurer may invest such funds in the manner authorized by sections 54 and 55 of said chapter 44. The principal and interest earned on the fund shall be reserved for appropriation for the payment of the town's betterment debt. Any excess in the fund may be transferred to the General Fund of the town.