Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding any general or special law to the contrary, the town of Abington may establish and maintain a special account known as the Capital Improvement Trust Fund and may raise and appropriate money therefor.
SECTION 2. The town of Abington may appropriate to the fund by majority vote at an annual or special town meeting in any year an amount not to exceed 10 per cent of the amount raised in the preceding year by taxation of real estate and tangible personal property. Appropriations under this section shall not increase the aggregate amount of the fund to an amount exceeding 10 per cent of the equalized valuation of the town as defined in section 1 of chapter 44 of the General Laws.
SECTION 3. In addition to any amounts appropriated under section 2 of this act, the town of Abington may, by a by-law enacted by a 2/3 majority vote at an annual or special town meeting, direct that an amount not exceeding 10 per cent of the town's free cash as certified by the department of revenue in any given fiscal year and an amount not exceeding 10 per cent of any new growth in tax revenue as certified by the bureau of local assessment in any given fiscal year, be deposited in the Capital Improvement Trust Fund.
SECTION 4. The town of Abington may appropriate by majority vote at any annual or special town meeting any principal and interest within the fund for any capital purchase or principal debt payment for any capital purchase. Capital purchase shall mean the purchase of any item with a cost of at least $10,000 and a life expectancy of 3 or more years.
SECTION 5. If the town department or committee responsible for oversight of a capital purchase determines that the purchase is complete, any remaining balance appropriated for that purchase shall remain in the Capital Improvement Trust Fund.
SECTION 6. This act shall take effect upon its passage.