AN ACT ESTABLISHING A SPECIAL RESERVE FUND IN THE TOWN OF MILLVILLE.
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 any general or special law to the contrary, the town of Millville may establish a special reserve fund which shall be kept separate and apart from all other monies held by the town treasurer, and into which the town may appropriate, in any year, money to establish a fund to pay accumulated, unused sick leave to town employees under a collective bargaining agreement or employment contract.
SECTION 2. The town treasurer shall be the custodian of the special reserve fund, which may be deposited or invested in any legal manner and shall make an accounting of the fund to each annual town meeting. Income derived from the investment or reinvestment of the fund shall remain with and become part of the fund.
SECTION 3. The board of selectmen or the executive secretary of the town of Millville may authorize payments from the special reserve fund.
SECTION 4. This act shall take effect upon its passage.Approved, December 20, 2012.