Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Bellingham may establish a separate fund to be known as the Sewer Construction Capital Fund which the town treasurer shall keep separate and apart from other monies of the town and into which shall be deposited all income derived from the investment of funds that may be appropriated by the town to such fund and all the proceeds of any appropriations, grants, transfers or gifts received by the town for deposit in the fund. Any income derived from the investment or reinvestment of amounts held in the fund shall remain with and become part of the fund. The town treasurer shall be the custodian of the fund and shall make an account of the fund at each annual town meeting. Any funds held in the fund shall constitute trust funds within the meaning of section 54 of said chapter 44. Monies in the fund may be expended, after appropriation, for any capital sewer construction purpose for which the town may lawfully expend money and for debt service associated with sewer construction bonds or notes of the town that may be outstanding from time to time.