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

Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Hull may establish and maintain a separate account known as the Police Technology Fund. The town treasurer shall keep the fund separate and apart from all other monies of the town and shall deposit in the account all monies from firearms, licenses and firearm identification card fees received by the town. The treasurer may invest these funds in the manner prescribed in sections 54 and 55 of said chapter 44. The chief of police or a person authorized to act in the chief's place may expend the principal and income from these funds for fees to the commonwealth for firearm licenses and firearm identification cards and for obtaining and modernization of equipment and new technology by the police department of the town. No more than $10,000 shall be expended from the fund in fiscal year 2001.