AN ACT AUTHORIZING THE TOWN OF RAYNHAM TO ESTABLISH A BETTERMENT RESERVE FUND.
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 town of Raynham
may establish a separate fund to be known as the Betterment
Reserve Fund, which shall be kept separate and apart from all other monies of
the town by the town treasurer and in which shall be deposited all betterment
payments received by the town. The treasurer may invest such funds in the
manner authorized by sections 54 and 55 of said chapter 44. The principal
and interest earned on the fund shall be reserved for appropriation for the
the town's betterment debt. Any excess in the fund may be transferred to the
General Fund of the town.