SECTION 1.  (a) Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Chatham shall establish in the town treasury two special revenue accounts to be known, respectively, as the Attainable Housing Special Revenue Fund and the Chatham Elementary School Special Revenue Fund, into which shall be deposited certain receipts comprised of the room occupancy excise received annually by the town under chapter 64G of the General Laws. The funds shall be used, respectively, to support the development of attainable housing in the town of Chatham and the administration and operation of the Chatham Elementary School.

(b)  Notwithstanding any general or special law to the contrary, one per cent of the amount of the room occupancy excise collected under said chapter 64G by the town for the fiscal year beginning July 1, 2023 and each fiscal year thereafter shall be credited to the Attainable Housing Special Revenue Fund and one percent of said excise shall be credited to the Chatham Elementary School Special Revenue Fund. Said funds shall thereafter be subject to further appropriation by a majority vote of the town meeting.

(c)  Notwithstanding any general or special law to the contrary, any interest accruing on any amount on deposit in the Attainable Housing Special Revenue Fund and the Chatham Elementary School Special Revenue Fund shall be credited to each such respective fund.

(d)  Nothing in this act shall affect amounts distributed in any fiscal year to the town from the Local Aid Fund.

SECTION 2.  The town meeting, by a majority vote, may increase, reduce, or otherwise reallocate the amounts of the room occupancy excise collected by the town under chapter 64G  to be credited to the Attainable Housing Special Revenue Fund and the Chatham Elementary School Special Revenue Fund. Further, the town meeting may, by majority vote, terminate either or both of said Funds, whereupon any funds remaining therein as of the effective termination date shall transfer to the general fund of the town.

SECTION 3. The treasurer of the town of Chatham shall, until such time as the Attainable Housing Special Revenue Fund and the Chatham Elementary School Special Revenue Fund cease to exist, provide an annual financial report to the town, which shall be publicly posted on or before October 1 of each year. The annual financial report shall specifically include: (i) fund revenues; (ii) fund receipts; (iii) the amount of grants made from the fund; (iv) the specific amounts of loans made by the fund and to whom such loans were made; and (v) the balance of money in the fund at the end of each fiscal year.

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