Section 3. The city of Boston may, and the cities of North Adams, Fitchburg and Lowell and the town of Barnstable shall, acting by their respective school committees, each make written agreements with the board of trustees to provide suitable and sufficient school buildings and model and practice schools in connection with the training departments of state universities therein. The board of trustees may, if requested by towns near state universities, make written agreements with such towns for the maintenance of practice schools therein in connection with such state universities, and may provide for the payment of part of the compensation of supervising teachers employed in such practice schools. This section shall not prevent the establishment and maintenance of model, practice, or training schools in connection with state universities, with or without the co-operation of local school authorities. All moneys payable by towns under such agreements shall be held upon a trust or trusts and disbursed at the direction of the board of trustees of the institution that is party to such agreement.