SECTION 1. There is hereby established in the town of Ashland, an Athletic Field Enterprise Fund to which section 53F½ of chapter 44 of the General Laws shall apply, except as provided herein. The enterprise fund shall be comprised of all revenues received by the town of Ashland school department and the town of Ashland from the rental of athletic fields located on park, public school and other public land, hereinafter referred to as the fields, located in the town of Ashland which may be designated from time to time by the board of selectmen. The revenues in the enterprise fund and any interest earned thereon shall be used to pay: (1) costs of operation and maintenance of the fields; (2) costs of future maintenance, repairs, extensions, reconstruction, enlargements, additions and improvements thereto under the direction of the board of selectmen and school committee jointly and then as appropriated by the town; and (3) the principal and interest on any bonds or notes issued and authorized in accordance with the requirements of said chapter 44.  All of the foregoing user or rental fees for the town public school athletic fields shall be determined by the school committee. All user or rental fees for all other town fields shall be determined by the board of selectmen. All interest generated by the enterprise fund shall remain in, and as a part of, the enterprise fund and all revenues received by the enterprise fund may accumulate from year to year, subject to appropriation by the town for the benefit of the fields.

SECTION 2. This act shall take effect upon its passage.