SECTION 1.  Notwithstanding section 5B of chapter 40 or section 53 of chapter 44 of the General Laws or of any other general or special law to the contrary, there shall be established in the town of Plainville a Gaming Revenue Stabilization Fund which shall be credited, without further appropriation, all host community payments received by the town, pursuant to section 2.4 of the July 8, 2013 Host Community Agreement with Ourway Realty, LLC., as such agreement may be amended from time to time, and monies appropriated or transferred to the fund by a 2/3 vote at an annual or special town meeting.  Any interest accrued shall be credited to and become part of the fund.

SECTION 2.  The Gaming Revenue Stabilization Fund established under section 1 may be appropriated by a 2/3 vote at an annual or special town meeting only for capital projects, except as provided under section 3.  The term “capital project” shall mean the acquisition of interests in land, acquisition of tangible assets or the undertaking of assets or projects that shall have a useful life of 5 years or more and a cost of $50,000 or more and which are not properly categorized as annual operating expenses; provided, that “capital project” shall include the payment of debt service on such projects, whether such projects were approved prior to or after the effective date of this act. “Capital project” shall also include major departmental capital equipment, even if acquired on an annual basis, meeting the useful life and cost requirements of this section.

SECTION 3.  Upon the recommendation of both the board of selectmen and the finance committee, monies in the fund, up to 2.5per cent of the amount raised by taxation by the town in the most recent fiscal year for which a tax rate has been certified under section 23 of chapter 59 of the General Laws, may be appropriated for non-capital project purposes by a 4/5 vote at an annual town meeting or a 9/10 vote at a special town meeting.

SECTION 4.  This act shall take effect upon its passage.