SECTION 2. Chapter 367 of the acts of 2004 is hereby amended by inserting, after section 4, the following section:-
Section 4A. The district commission may establish a stabilization fund. For the purpose of maintaining the stabilization fund, the district may annually pay into the fund any or all of the balance remaining in the reserve fund at the end of each fiscal year; provided, however, that the aggregate amount in the stabilization fund at any time shall not exceed $750,000.
The district treasurer shall be the custodian of the stabilization fund and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, co-operative banks or trust companies organized under the laws of the commonwealth, or invest the same in such securities as are legal for the investment of funds of savings banks under the laws of the commonwealth or in federal savings and loan associations situated in the commonwealth.
The district commission may use the stabilization fund for any lawful purpose, including any purpose for which the district may borrow money. Any appropriation of funds into or out of the stabilization fund for any such purpose shall be approved by a majority vote of those members of the district commission who are authorized by the agreement among the member towns to participate in matters which have an impact upon the financial condition of the district or the cost of district facilities or operations.
SECTION 3. Said chapter 367 is hereby further amended by adding the following section:-
Section 8. Notwithstanding any general or special law, rule or regulation to the contrary, the board of selectmen of any member town of the Mattapoisett River Valley Water District which owns 1 or more properties within the limits of another member town of the district, and which property would otherwise be subject to sections 5D and 5F of chapter 59 of the General Laws, may enter into an agreement with the board of selectmen of the member town in which said property is located for payment in lieu of taxes, and said sections 5D and 5F of said chapter 59 shall not apply to such property during the term of the agreement. The agreement shall be subject to approval by the town meetings of the towns which are party thereto and the term of such agreement shall not exceed 20 years.
SECTION 4. Notwithstanding any general or special law, rule or regulation to the contrary, the Mattapoisett River Valley Water District Commission may retain and appropriate to the stabilization fund, as authorized by section 1, up to $600,000 of any available funds held by it prior to the conclusion of the fiscal year then current on the effective date of this act.