Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act, establish a dedicated funding source for the acquisition, creation and preservation of open space, for the acquisition and preservation of historic resources, for the acquisition, creation and preservation of land for recreational use, for the creation, preservation and support of community housing and for rehabilitation or restoration of such open space, historic resources, land for recreational use and community housing. In Acton, the Community Preservation Act will be funded by an additional surcharge of 1.5% of the annual tax levy against real property and, as available, by matching funds provided by the state. If adopted, the following will be exempt from the surcharge: property owned and occupied as a domicile by any person who would qualify for low income housing or moderate income senior housing in the Town, as defined by Section 2 of said Act; and $100,000 of the value of each taxable parcel of residential real property. Any other taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws or any other law shall be exempt from the surcharge under this Act. A Community Preservation Committee composed of local officials designated by the Act and of local citizens will study the needs, possibilities and resources of the town regarding community preservation and will make recommendations on the uses of the funds. Town Meeting must approve any such appropriations from the Community Preservation Fund before funds can be expended to acquire any particular parcel of land or take similar action. All expenditures pursuant to the Act will be subject to annual audit.