Sec. 6. P&SL 1951, c. 92, §14, sub-§V is enacted to read:

V.__Notwithstanding any other provisions in this section, the district is authorized to hold all money received from the sale of that portion of the district's property formerly used to provide electric service and to continue to use these funds or any part of these funds, as the trustees determine advisable, for the extension or improvement of water service or as a means of delaying increases in rates for water service.__The fund must be separately accounted for and its application must be overseen by the Public Utilities Commission.__The district may, with consent of the Public Utilities Commission, set aside some portion as a reserve with which to make the annual payment to the Town of Lubec required by Section 2 of this Charter.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.