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

Notwithstanding the provisions of any general or special law to the contrary, the town of Boylston is hereby authorized to establish and maintain a special fund to be known as the Capital Investment Fund.

Said town of Boylston may appropriate to said fund by a majority vote at an annual or special town meeting in any year an amount not exceeding 10 per cent of the amount raised in the preceding fiscal year by taxation of real estate and tangible personal property. The aggregate amount of said fund at any time shall not exceed 10 per cent of the equalized valuation of said town of Boylston as defined in section 1 of chapter 44 of the General Laws. Any interest shall be added to and become a part of said fund.

The treasurer of the town of Boylston shall be the custodian of the fund and may deposit proceeds in national banks or invest the same in such securities as are legal for the investment of funds of savings banks under the laws of the commonwealth or in federal savings and loan associations situated in the commonwealth.

Monies in said fund may be appropriated at an annual town meeting or a special meeting by two-thirds vote. Monies in said fund may be appropriated for any purpose for which said town of Boylston would be authorized to borrow money under section 7 or 8 of chapter 44 of the General Laws, other than clauses (1) and (2) of said section 8 of said chapter 44, and to pay the debt services on said projects.

The capital program committee shall operate in an advisory capacity to town meeting and consider matters relating to appropriations from said fund, and may, but is not required to, make recommendations to said town of Boylston or to any board, committee or official thereof, relative to such matters and establish policies, relative to the funding of capital projects of said town of Boylston, and set priorities and schedules for such capital projects.