AN ACT REDUCING THE SUPPLEMENTAL RESERVE FUND REQUIREMENT FOR THE CITY OF PITTSFIELD.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. Paragraph (c) of section 6 of chapter 28 of the acts of 2001 is hereby amended by striking out, in lines 12 to 15, inclusive, the words “; and the supplemental reserve fund sum for fiscal year 2006 and each subsequent fiscal year shall be an amount equal to 1.5 per cent of the gross amount to be raised for the prior fiscal year for the General Operating Fund as appearing on the city’s tax rate recapitulation for that prior year”, and inserting in place thereof the following words:- and the required amount of the supplemental reserve fund for subsequent fiscal years shall be not less than the amount of the supplemental reserve fund for fiscal year 2005, plus any additional amount, if any, that the city shall determine.
SECTION 2. This act shall take effect upon its passage.