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 section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Arlington shall 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 the renovation, reconstruction, construction and original equipping of said town's elementary schools or any of them, and all income derived from investment of the special fund, for such school building projects as were originally outlined in said town's school facilities master plan study dated March 23, 1993 and received by said town under Article 29 of the 1993 special town meeting. The town treasurer shall be the custodian of said monies and shall make an accounting of the funds to each annual town meeting. All amounts in said special fund shall be applied solely to the payment of costs for a school building project or projects for which bonds or notes have been authorized or both authorized and issued relating to the costs of the renovation, reconstruction, construction and original equipping of said town's elementary schools in such amount as any special or annual town meeting may determine in any given year.

SECTION 2. This act shall take effect upon its passage.