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. The town of Truro may establish and maintain a special account to be known as the Capital Improvements Fund and may raise and appropriate money therefor.

SECTION 2. The Capital Improvements Fund shall be maintained by the town treasurer as a separate account. The treasurer may invest the funds in such separate account in the manner authorized in sections 55 and 55B of chapter 44 of the General Laws. Interest earned thereon shall be credited to and become part of the separate account.

SECTION 3. By a two-thirds vote at any special or annual town meeting the town may appropriate such sums as may be available in the Capital Improvements Fund for any capital purchase or expenditure of the town.

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