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 any general or special law to the contrary, the town of Uxbridge may establish and maintain a special account known as the Capital Improvement Trust Fund, and may raise and appropriate money therefor.

SECTION 2. The town of Uxbridge may appropriate to the fund by majority vote at an annual or special town meeting in any year any amount not to exceed 10 per cent of the amount raised in the preceding year by taxation of real estate and tangible personal property. The aggregate amount of the fund at any time shall not exceed 10 per cent of the equalized valuation of said town as defined in section 1 of chapter 44 of the General Laws.

SECTION 3. The fund shall be maintained by the town of Uxbridge as a separate account. The treasurer of the town shall be the custodian of the fund and may invest the funds in such separate account in the manner authorized by sections 55 and 55A of chapter 44 of the General Laws. Any interest earned on the fund shall be credited to and become part of such separate account.

SECTION 4. The town of Uxbridge may appropriate by 2/3 vote at any annual or special town meeting any principal and interest within the fund for any capital purchase or debt payment for any capital purchase. Capital purchase is defined as any item with a life expectancy of more than 5 years and valued at $50,000 or more.

SECTION 5. There shall be a capital planning committee of the town of Uxbridge consisting of 8 members. The committee shall be appointed by the board of selectmen. The committee shall be comprised of the following: 2 members of the board of selectmen, 2 members of the finance committee, 1 member of the school committee, 1 member of the department of public works commissioners, town accountant, and town treasurer/collector. Hereinafter the town may change the composition of the committee by majority vote at any annual or special town meeting.

SECTION 6. The capital planning committee of the town of Uxbridge shall consider matters relating to appropriations from the Capital Improvement Trust Fund and may, but shall not be required to, make recommendations to the town of Uxbridge or to any board, committee, or official thereof, relative to such matters and establish policies relative to the funding of capital projects of the town and set priorities and schedules for such capital projects.

SECTION 7. This act shall take effect upon its passage.