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 section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the city of Revere may establish a special fund in the city treasury into which shall be deposited all income derived from investment of the proceeds of bonds and notes issued for the school building program.

SECTION 2. The words "school building program" shall mean the design, construction and equipping of 5 new schools within the city of Revere to accommodate students in grades kindergarten through grade 8 and the renovation or demolition of any structures at any of the existing sites for these schools.

SECTION 3. Any income derived from the investment or reinvestment of the special fund shall remain with and become part of the special fund. The city treasurer shall be the custodian of the special fund and shall make an accounting of the special fund at the close of each fiscal year. All amounts in the special fund shall be applied solely to the payment of debt service associated with the school building program in such amount as the mayor and city council shall determine in any given year.

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