Sections 3 to 7, inclusive, of Chapter 44B of the General Laws, also known as the Massachusetts Community Preservation Act, establish a dedicated funding source for the purposes permitted by said Act, including (1) the acquisition, preservation or rehabilitation of historic resources including historic buildings, artifacts, documents and sites; (2) the acquisition, creation or preservation of land for scenic areas, drinking water supplies, wetlands, beaches, marshes, forests, pastures, and agricultural lands; (3) the acquisition, creation or support of community housing for families, seniors, veterans and others: and (4) the acquisition, creation or rehabilitation of land for outdoor recreational facilities including parks, playgrounds and athletic fields. In Egremont, the Community Preservation Act will be funded by an additional excise of 3% on the annual tax levy on real property to be assessed beginning in fiscal year 2016, and by annual distributions provided by the state. The Town hereby accepts the following exemptions from such surcharge permitted under Section 3(e) of said Act: (1) property owned and occupied as a domicile by any person who would qualify for low income housing or low or moderate income senior housing in the Town, as defined in Section 2 of said Act; and (2) $100,000 of the value of each taxable parcel of residential real property. A taxpayer receiving a regular property tax abatement or exemption will also receive a pro rata reduction in surcharge. A Community Preservation Committee composed of local citizens will make recommendations on the use of the funds, and all expenditures shall be approved by Town Meeting.