AN ACT ESTABLISHING A BUILDING RESERVE FUND IN THE CITY OF REVERE.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
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.
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
demolition of any structures at any of the existing sites for these schools.
Any income derived from the investment or reinvestment of
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
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.
This act shall take effect upon its passage.