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 or rule or regulation to the contrary, the town of Winchester may establish stabilization funds for specific purposes that it considers necessary, including capital. Subject to section 2 of this act, appropriations to and from the funds may be made at any town meeting by a 2/3 vote. Expenditures from the funds shall be restricted to the specific purpose for which the fund was established and may include debt service for any such appropriations financed through borrowing. If the debt service for any school construction project is financed from any such stabilization fund, then an amount equivalent to the state reimbursement for such project shall be appropriated into the fund.

SECTION 2. If, pursuant to paragraph (g) of section 21C of chapter 59 of the General Laws, the voters of the town of Winchester approve an appropriation into the stabilization funds, the town meeting may annually appropriate such amount into the stabilization funds unless the voters, by referendum vote, approve by majority vote the appropriation of such funds for another stated purpose.

SECTION 3. This act shall take effect upon its passage.