AN ACT AUTHORIZING THE TOWN OF NATICK TO ESTABLISH A SEPARATE FUND FOR THE ACQUISITION AND CONSTRUCTION OF NEW PARKING.
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 Natick may establish a fund, which shall be kept separate and apart from all other monies of the town by the town treasurer and into which shall be deposited all off-site parking construction and acquisition payments received by the town. 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 therefrom shall be available for expenditure by the board of selectmen without further appropriation for the acquisition and construction of new parking in the downtown mixed use and housing overlay option plan zoning districts of the town.
SECTION 2. This act shall take effect upon its passage.
Approved September 16, 2009.