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. There is hereby established in the treasury of the town of Lynnfield a special fund to be known as the Lynnfield Building Reserve Fund. The amount appropriated to said fund under Article 2 of the warrant for the March 11, 2000 special town meeting shall be deposited in said fund. At any annual or special town meeting the town may also appropriate additional funds for and authorize additional deposits in said fund. The town treasurer shall be the custodian of said fund and may invest amounts in said fund in accordance with the provisions of section 54 of chapter 44 of the General Laws. All earnings and income from such investments shall be added to and become a part of said fund.

SECTION 2. Amounts in said fund may be used in any fiscal year to reduce the amount to be included in the tax levy for such fiscal year to pay principal of and interest on debt of the town maturing or due in such fiscal year relating to the school and senior center construction, reconstruction and remodeling projects authorized under Article 1 of the warrant for the March 11, 2000 special town meeting, or any other project to which the town meeting has voted to apply the Building Reserve Fund. The amount to be so used shall be determined by the town administrator, with the approval of the board of selectmen, on or prior to August first of each fiscal year and notice of such amount shall be given to the town assessors within ten days of the determination. Such amount shall be used without further appropriation by the town assessors to reduce the amount otherwise to be assessed for such fiscal year pursuant to section 23 of chapter 59 of the General Laws.

SECTION 3. The vote of the town passed under Article 2 of the warrant for the March 11, 2000 special town meeting appropriating $2,300,000 to said fund is hereby ratified, validated and confirmed.

SECTION 4. This act shall take effect upon its passage.