AN ACT AUTHORIZING THE CITY OF NORTH ADAMS TO USE RESERVE FUNDS TO REDUCE DEBT.
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 63 of chapter 44 of the General Laws or any other general or special law to the contrary, the city of North Adams, during fiscal year 2011, following a majority vote of the city council and approval by the mayor, may apply the proceeds of the sale or other disposal of real estate, including the taking by eminent domain by another governmental unit, and the proceeds currently in the city’s Land Sale Reserve Account to eliminate or reduce the budgeted debt of the city for fiscal year 2011; provided, however, that this shall not include land acquired through tax title foreclosure.
SECTION 2. This act shall take effect upon its passage.