SECTION 1. Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the Town of Shrewsbury may establish a special fund in the town treasury into which shall be deposited all income derived from investment of the proceeds of bonds and not issued for the library construction project, including work incidental and related thereto, and for services of architects and other professional consultants to prepare detailed plans, specifications and working drawings and other necessary documents for the Shrewsbury Library Project:

(1) construction, reconstruction, equipping and furnishing of the library

(2) related services of architects, project managers and other professional

consultants; and

(3) expenses of the library building committee.

Any income derived from the investment or reinvestment of the special fund shall remain

with and become part of the special fund. The town treasurer shall be the custodian of the

special fund and shall make an accounting of the special fund to each annual town

meeting. Any funds held in the special fund shall constitute trust funds within the

meaning of section 54 of chapter 44 of the General Laws. All amounts in the special fund

shall be applied solely to the payment of debt service associated with the library building

project for which bonds or notes· have been authorized or both authorized and issued, in

such amount as any special or annual town meeting may determine in any given year.