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 any general or special law to the contrary, the city known as the town of Franklin may establish and maintain a fund to be known as the Open Space Real Property Acquisition Fund, which shall be kept separate and apart from all other accounts of the town. The town treasurer shall be custodian of the Open Space Real Property Acquisition Fund and shall invest amounts in said fund in accordance with sections 54 and 55 of chapter 44 of the General Laws. Any earnings, income and interest accruing from the fund shall be credited to and become part of said fund.
SECTION 2. Notwithstanding any general or special law to the contrary, the city known as the town of Franklin may appropriate into the Open Space Real Property Acquisition Fund any local excise taxes upon the transfer of occupancy of any room or rooms in a bed and breakfast establishment, hotel, lodging house or motel located within the town imposed and collected by the town pursuant to section 3A of chapter 64G of the General Laws.
SECTION 3. Notwithstanding any general or special law to the contrary, the principal, earnings, income and interest in the fund may be appropriated by the city known as the town of Franklin at any time by a 2/3 vote of all members of the town council for the purpose of acquiring land or interests in land in the town for open space preservation, conservation and recreation purposes and for the purpose of constructing facilities thereon consistent with the purposes for which such land was acquired.
SECTION 4. This act shall take effect upon its passage.