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 proviso in the last sentence of clause (2) of the first paragraph of clause Forty-first A of section 5 of chapter 59 of the General Laws, the town of Wellesley may, by vote of its legislative body, adopt a higher maximum qualifying gross receipts amount for the purposes of that clause, if such maximum qualifying gross receipts amount shall not exceed $50,000.
SECTION 2. Notwithstanding the computation of interest at the rate of 8 per cent per annum set forth in clause (1) of the third paragraph of clause Forty-first A of section 5 of chapter 59 of the General Laws, the interest rate applicable to the town of Wellesley for the purposes of that clause shall be the monthly 2 year constant maturity treasury rate for the month of July of the applicable fiscal year as published by the Federal Reserve.
SECTION 3. This act shall take effect on July 1, 2003.