General Laws Chapter 44B, Sections 3 through 7, also known as the Community Preservation Act (?Act?), establishes a dedicated funding source to acquire, create and preserve open space, historic resources, land for recreational use, and community housing, and to rehabilitate and restore such open space, historic resources, land for recreational use and community housing acquired or created under the Act. In Colrain, the Act will be funded by a surcharge of 3% on the annual tax levy on real property and by matching funds provided by the Commonwealth. The following exemptions from the surcharge will apply: (1) property owned and occupied as a domicile by a person who would qualify for low income housing or low or moderate income senior housing in the town; (2) $100,000 of the value of each taxable parcel of class three, commercial property, and class four, industrial property as defined in section 2A of said chapter 59; and (3) $100,000 of the value of each taxable parcel of residential real property. The surcharge to be paid by a taxpayer receiving an abatement of real property authorized by Chapter 59 or any other law will be reduced in proportion to such abatement. A Community Preservation Committee created by town by-law will make recommendations on the use of the funds. Town Meeting must approve any such recommendation before funds can be expended. All expenditures pursuant to the Act will be subject to an annual audit.