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

Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the Centerville-Osterville-Marstons Mills Fire District may establish a separate fund to be known as the Betterment Reserve Fund, which the treasurer of the district shall keep separate and apart from other monies of the district. All betterment payments, apportioned and unapportioned, and received by the district, shall be deposited into the 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 the district's betterment debt. Any excess in the fund may be transferred to the general fund of the district.