SECTION 1.  (a)Notwithstanding any general or special law to the contrary, a city or town may design and designate a place on its municipal real estate tax bills whereby taxpayers of the city or town may voluntarily check off, donate and pledge an amount not less than $1 or such other designated amount which shall increase the amount otherwise due, and the amount to be deposited in the general treasury of the city or town and used for same purposes as other funds deposited therein; and to establish a city or town economic aid fund for the purpose of maintaining municipal services in periods of instability. 

(b) Amounts donated to the economic aid fund shall be deposited into a special account in the general treasury of the town and shall be in the custody of the treasurer.  The treasurer shall invest the funds at the direction of the officer, board, commission, committee or other agency of the city or town who or which is otherwise authorized and required to invest trust funds of the city or town and subject to the same limitations applicable to trust fund investments, except as otherwise specified herein.  The fund, together with the interest earned thereon, shall be used for the purpose specified in this section without further appropriation. 

(c) In a city or town having an economic aid fund, there shall be a taxation aid committee to consist of the chairman of the board of assessors, the city or town treasurer and three residents of the city or town to be appointed by the mayor or board of selectmen as the case may be.  The board shall adopt rules and regulations to carry out this section and to identify the recipients of the aid.