Section 1. Notwithstanding the provisions of 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 in

 the town of Winchendon a special fund to be known as the Capital Stabilization Fund to which

 shall be credited all amounts received by the town in connection with any payment in lieu of

 taxes approved in accordance with the provisions of section 381-1 of chapter 59 of the general

 laws and any amounts appropriated by the town to said fund. Such fund may be expended only

 for capital purposes, which shall mean, for purposes of this act, the acquisition of interests in

 land, acquisition of tangible assets or the undertaking of capital projects, which assets or

 projects shall have a useful life of 5 years or more and a cost of $10,000 or more and which are

 not properly categorized as annual operating expenses and shall include the payment of debt

 service on capital projects, whether such projects were approved prior to or after the effective

 date of this act. Capital projects shall also include major departmental capital equipment, even if

 acquired on an annual basis, meeting the useful life and cost requirements of this act.

 Appropriations into and out of the Capital Stabilization Fund shall be approved by a 2/3 vote of

 a special or annual town meeting.

 Section 2. This act shall take effect upon passage.