Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

The town of Southampton is hereby authorized to establish and maintain a separate fund which shall be designated and known as the William E. Norris School Renovation Fund for the purpose of conducting major repairs and renovations to said school. Said town is hereby authorized, at a regular or special town meeting, to vote the transfer of the unexpended proceeds of the $7,000,000 bond sale for the reconstruction of said school to said fund. Said town may appropriate or transfer monies to said fund by a majority vote at a regular or special town meeting in any year. The treasurer of said town shall be the custodian of said fund. Monies from said fund shall be expended, from time to time, without further appropriation by the school committee of said town with the approval of the board of selectmen of said town.