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 provisions of any general or special law to the contrary, the town of Wakefield may establish and maintain a fund to be known as the Capital Projects Fund, which shall be kept separate and apart from all other accounts of the town. The town treasurer shall be the custodian of the Capital Projects Fund and may invest amounts in said fund in accordance with the provisions of section 54 or 55 of chapter 44 of the General Laws. Any earnings, income and interest therefromshall be credited to and b of said fund.

SECTION 2. The town may appropriate amounts as deposits into the Capital Projects Fund from any available source by majority vote at any special or annual town meeting. In addition, an amount from the annual tax levy amounting to $1,000,000 shall be deposited to the Capital Projects Fund by the town treasurer, subject to the approval of the board of selectmen, each fiscal year without further appropriation by town meeting. The aggregate amount of the Capital Projects Fund at any time shall not exceed 10 per cent of the equalized value of the town of Wakefield as defined in section 1 of chapter 44 of the General Laws; the town treasurer shall reduce the amount otherwise dedicated from the annual tax levy to accomplish this limitation.

SECTION 3. Amounts in the Capital Projects Fund shall be used in any fiscal year to reduce the amount in the tax levy for such fiscal year to pay principal of and interest on long-term debt of the town maturing or due in such fiscal year, which debt was incurred under section 7 or 8 of chapter 44 of the General Laws. The amount to be so used shall not exceed $1,000,000 in any fiscal year without additional appropriation by town meeting and shall be determined by the town treasurer, subject to the approval of the board of selectmen, on or prior to August 1 of each fiscal year and notice of such amount shall be given to the town assessors within ten days of the determination. Such amount shall be used without further appropriation by the town assessors to reduce the amount otherwise to be assessed for such fiscal year pursuant to section 23 of chapter 59 of the General Laws. In addition, the town may appropriate money from the Capital Projects Fund by a two-thirds vote at any special or annual town meeting for any purpose for which the town would be authorized to borrow money under said section 7 or 8 of said chapter 44.

SECTION 4. This act shall take effect upon its passage.