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 section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Shrewsbury may establish a special fund in the town treasury into which shall be deposited all income derived from investment of the proceeds of bonds and notes issued for school construction projects, including work incidental and related thereto, and for services of architects and other professional consultants to prepare detailed plans, specifications and working drawings and other necessary documents for the following projects:-

(1) construction, equipping and furnishing of a new high school to be located on Holden street;

(2) repair, renovation, remodeling, equipping and furnishing of the existing Shrewsbury high school, for conversion to a new middle school;

(3) related services of architects, project managers and other professional consultants; and

(4) expenses of the high school and middle school building committee.

Any income derived from the investment or reinvestment of the special fund shall remain with and become part of the special fund. The town treasurer shall be the custodian of the special fund and shall make an accounting of the special fund to each annual town meeting. Any funds held in the special fund shall constitute trust funds within the meaning of section 54 of chapter 44 of the General Laws. All amounts in the special fund shall be applied solely to the payment of debt service associated with a school building project or projects for which bonds or notes have been authorized or both authorized and issued, in such amount as any special or annual town meeting may determine in any given year.

SECTION 2. Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Shrewsbury may establish a special fund in the town treasury into which shall be deposited 75 per cent of income derived from the acceptance of Coal Ash Residue pursuant to the second amendment to first amended and restated residue landfill agreement and supplementary residue disposal agreement dated November 14, 2001 by and between Wheelabrator Environmental Systems, Inc., Wheelabrator Millbury Inc. and the town of Shrewsbury.

Any income derived from the investment or reinvestment of the special fund shall remain with and become part of the special fund. The town treasurer shall be the custodian of the special fund and shall make an accounting of the special fund to each annual town meeting. Any funds held in the special fund shall constitute trust funds within the meaning of section 54 of chapter 44 of the General Laws. All amounts in the special fund shall be applied solely to the payment of capital, debt service or operating expenses associated with solid waste collection, processing or disposal, in such amount as any special or annual town meeting may determine in any given year.

SECTION 3. This act shall take effect upon its passage.