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 Wayland may establish and maintain a separate purpose fund to be known as the Millennium Fund of the Wayland Free Public Library, hereinafter referred to as the fund. The fund shall be used exclusively to support the public libraries in the Town of Wayland beyond appropriations of the town therefor.

SECTION 2.  Notwithstanding section 53A of chapter 44 and section 11 of chapter 78 of the General Laws or any other general or special law to the contrary, the Board of Library Trustees or its designee, hereinafter referred to as the Trustees, may accept grants or gifts of funds, including gifts of securities, into the fund. All grants or gifts of funds offered to the town for library purposes shall be deposited into the fund upon acceptance by the Trustees; provided, however, that a donor may provide written instructions at the time of donation that the funds offered shall be deposited in another fund or subject to such other restrictions as the donor may elect. Any interest, dividends, revenue, or growth accrued or generated by the fund shall be added to and shall become a part of the fund. The fund shall be available to the Trustees, in its sole discretion and authority and without further appropriation, to achieve the purposes specified in section 1.

SECTION 3.  Notwithstanding sections 45 through 47, inclusive, of chapter 41 of the General Laws or any other general or special law to the contrary, the Trust Fund Commissioners, hereinafter referred to as the Commissioners, shall be the custodian of the fund and shall maintain the fund as a separate revenue account. The Commissioners may invest and reinvest the fund pursuant to chapter 203C of the General Laws. The Town Treasurer shall expend therefrom moneys as directed by the Trustees. The books and records of the fund shall be audited annually by an independent auditor in accordance with accepted accounting practices. A copy of the audit shall be provided annually to the Trustees and the Select Board.

SECTION 4.  Within 30 days of the effective date of this act, the Commissioners shall inspect the records of the Commissioners and Trustees and determine what existing monies of the town were intended by donors to be a part of the fund and vote to transfer such monies into the fund. Such monies shall thereafter be subject to this act.

SECTION 5.  Notwithstanding section 53A½ of chapter 44 of the General Laws or any other general or special law to the contrary, the trustees may, in its sole discretion and authority, accept gifts of tangible personal property on behalf of the town from the federal government, a charitable foundation, private corporation, individual, or from the commonwealth or any political subdivision thereof, and may, in its sole discretion and authority, use said gifts without specific appropriation thereof, for the purpose of such a gift; provided, however, that such purposes are to achieve the purposes specified in section 1, or, if no restrictions are attached to the gift, to achieve the purposes specified in section 1.

SECTION 6.  This act shall take effect upon its passage.