AN ACT AUTHORIZING THE TOWN OF WALES TO ESTABLISH A LIBRARY BUILDING FUND.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
Notwithstanding any general or special law to the contrary, the town of Wales may establish and maintain a separate account to be known as the Library Building Trust Fund. The fund shall be maintained by the town treasurer and invested at the direction of the library board of trustees as a trust fund for the purchase, construction or reconstruction of a library building. The principal of the trust fund shall be expendable for the purchase, construction or reconstruction of a library building. Interest earned by the trust fund shall be added to and become part of the trust fund principal. The town of Wales may appropriate monies from the fund, receive donations to the fund, and take any other action related thereto, consistent with this act.