AN ACT AUTHORIZING THE TOWN OF BELLINGHAM TO ESTABLISH CERTAIN REVOLVING FUNDS.
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. 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 the following revolving funds: the Nextel Revolving Fund, the Bank of America Lease Revolving Fund and the Bellingham Historical Commission Revolving Fund, which shall be kept separate and apart from all other funds of the town by the treasurer and in which shall be deposited the proceeds of any appropriation, grants, transfers, gifts or fees received by the town. Monies in the Nextel Revolving Fund may be spent without further appropriation by the town administrator. Monies in the Bank of America Lease Revolving Fund may be spent without further appropriation by the town common trustees committee. Monies in the Historical Commission Revolving Fund may be spent without further appropriation by the historical commission. The treasurer may invest the monies in the funds in the manner authorized by sections 54 and 55 of said chapter 44. Any income derived from such investments shall be deposited in the general fund of the town.
SECTION 2. This act shall take effect upon its passage.