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. The town of Warwick is hereby authorized to lease a portion of the real property identified as Warwick Assessors' Map 405, Parcel 38, to the Pioneer Valley Regional School District as the site for a new elementary school. Such lease shall be for a term not exceeding 50 years and shall be authorized, executed and delivered on behalf of said town by its board of selectmen and on behalf of said school district by its regional district school committee.

The consideration for such lease shall be determined by said board of selectmen. Such lease may provide that it shall terminate, and the leased property shall revert to the town of Warwick, if said town should no longer be a member of the Pioneer Valley Regional School District or if the regional district school committee should determine that the land, with the buildings and other improvements thereon, is no longer needed for the educational program of said school district.

SECTION 2. This act shall take effect upon its passage.