Sections 3 to 7 of chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act ("Act"), establish a dedicated funding source to: acquire, create and preserve open space, land for recreational use, and community housing; acquire, preserve, rehabilitate and restore such open space, land for recreational use and community housing acquired or created as provided under said Act. In Hadley, the Act will be funded by an additional surcharge of three percent of the annual tax levy on real property and by matching funds provided by the state. The following exemptions from such surcharge, permitted under Section 3(e) of said Act, will apply: 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; and $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 pursuant to bylaw, will make recommendations on the use of the funds. Town Meeting much approve any such recommendation before funds can be expended to acquire any particular parcel of land. All expenditures pursuant to the Act will be subject to an annual audit.