Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act, establishes a dedicated funding source to acquire, rehabilitate and preserve open space, historic resources, land for recreational use, low and moderate income housing as acquired or created as provided under said Act. In Middleborough, the Act will be funded by an additional surcharge of 3% on the annual tax levy on real property and by funds provided by the state, such surcharge to be imposed on taxes assessed for the Fiscal Year beginning on or after July 1, 2003. All funds received from the surcharge shall be deposited into a separate account known as the "Community Preservation Fund". The following exemption from such surcharge, under Section 3 (e) of said Act, will apply: $100,000.00 of the value of each taxable parcel of residential real property. A taxpayer receiving an exemption with respect to real property tax shall be exempt from any surcharge on real property under the Act. The surcharge will be paid by a taxpayer receiving an abatement of real property tax shall be reduced in proportion to the amount of the abatement. A Community Preservation Committee will be created by bylaw upon acceptance of the Act and will make recommendations on the use of the Community Preservation Fund. Town Meeting must approve any such recommendations before funds can be expended from the Community Preservation Fund for any of the purposes of the Community Preservation Act.