Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Notwithstanding the provisions of section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the Wareham Fire District is hereby authorized to establish a separate fund to be known as the Betterment Reserve Fund, which shall be kept separate and apart from other monies of said district by the treasurer of said district. All betterment payments, apportioned and unapportioned and received by said district shall be deposited into said fund.

The treasurer may invest such funds in the manner authorized by sections 54 and 55 of said chapter 44.

The principal and interest thereon shall be reserved for appropriation for the payment of said district's betterment debt. Any excess in said fund may be transferred to the general fund of said fire district.