SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, the town of Auburn is hereby authorized to establish and maintain a special account to be known as the Capital Improvement Trust Fund, and to raise and appropriate money therefor.
SECTION 2. Such fund shall be maintained by the town of Auburn as a separate account. The treasurer of said town may invest the funds in such separate account in the manner authorized by sections fifty-five and fifty-five A of chapter forty-four of the General Laws. Any interest earned thereon shall be credited to and become part of such separate account.
SECTION 3. The town of Auburn may appropriate by majority vote at any special or annual town meeting interest earned by said fund for any capital purchase or debt payment for any capital purchase. Said town may appropriate by a two-thirds vote at any special or annual town meeting any principal within said fund for any capital purchase or debt payment for any capital purchase. Capital purchase shall mean any item with a life expectancy of more than five years and valued at five thousand dollars, or more.
SECTION 4. This act shall take effect upon its passage.