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 the provisions of any general or special law to the contrary, there is hereby established in the town of Arlington a Tip Fee Stabilization Fund. All proceeds from the sale of recycled materials, the sale of excess tonnage capacity of the town at the facility of Massachusetts REFUSETECH, Inc. in North Andover, including the balance of such funds previously received, such other receipts arising from the sale or disposal of solid waste and any funds appropriated by the town meeting for the purposes of this act shall be deposited to said fund. The town treasurer shall be the custodian of said fund and may invest the proceeds as provided for by section 54 of chapter 44 of the General Laws. Any interest or dividends shall be added to and become part of said fund. The treasurer shall report monthly on said fund to the town manager and to each subsequent annual town meeting. Any annual or special town meeting of said town may appropriate from said fund to pay any of the town's financial obligations associated with the existing solid waste agreement with MRI, Inc., or a successor agreement, in association with the Northeast Solid Waste Committee.

To provide for extraordinary or unforeseen expenditures for the purposes of this act, the town manager, with the approval of the board of selectmen and the finance committee, may expend up to 10 per cent of said fund without further appropriation. Beginning in fiscal year commencing July 1, 2005, the town meeting, by a two-thirds vote, may appropriate from said fund for any lawful purpose.

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