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. There is hereby established in the town of Marion a land bank, the purpose of which is to acquire fee and less than fee interest in land now, while it is still available, known to be needed by the public in the future, for the purpose of acquiring, reclaiming, holding and managing land, conservation easements and interests in lands consistent with the most recent open space and recreation plan of the town. Said land bank shall be administered by the open space acquisition commission established pursuant to chapter 187 of the acts of 1998. Said open space acquisition commission, in addition to any other statutory authority, shall have the power to hire staff and professional services necessary to perform its duties. Said open space acquisition commission shall meet its financial obligations by: (i) drawing upon an open space fund that is funded by a property tax surcharge at a rate and with such exemptions as shall be determined by vote of town meeting and subject to approval by vote in the next town election, (ii) appropriations voted by the town at town meeting, and (iii) gifts made to said fund in cash or other negotiable securities.

SECTION 2. This act shall be submitted for acceptance to the voters of the town of Marion at the next town election in the form of the following question which shall be placed upon the official ballot at said election: "Shall an act passed by the general court in the year 1998 entitled 'An Act relative to establishing a land bank fund in the town of Marion' be accepted?". If a majority of the votes cast in answer to said question is in the affirmative, then this act shall thereupon take effect, but not otherwise.