If accepted, Sections 3 to 7 of Chapter 44B of the General Laws, also known as the Community Preservation Act, will enable the Town to establish a dedicated funding source which may be used to (1) acquire and preserve open space, which includes land for the protection of public drinking water supplies, well fields, aquifers and recharge areas, wetlands, farm land, forest land, scenic areas and other conservation areas, and land for recreational use, such as parks, playgrounds, trails, and athletic fields (2) acquire and restore historic buildings and sites; and (3) acquire, create and support low and moderate income housing for individuals and families, including low or moderate income senior housing. In Boylston, the funding source for these Community Preservation Act purposes will be a surcharge of one percent (1%) on the annual property tax assessed on real property, beginning in Fiscal Year 2024, and by annual distributions made by the state from a trust fund established by the Act. The state trust fund benefits only municipalities that have accepted the Community Preservation Act. The following exemptions will apply to the 1% surcharge on real property taxes: (1) property owned and occupied as a domicile by any person who qualifies 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 the surcharge. If accepted, a Community Preservation Committee will be established by Town bylaw, to be a public body composed of local citizens. The Community Preservation Committee will be responsible to study the needs, possibilities and resources of the Town regarding community preservation. The Community Preservation Committee shall make recommendations on the use of funds for any of the purposes listed above; all expenditures must be approved by vote of Town Meeting. In each fiscal year, at least 10% of the annual revenue collected under the Act must be appropriated or reserved for future spending by the Town for acquisitions and initiatives in each of the categories of allowable community preservation purposes: (1) open space (including recreational land), (2) historic resources, and (3) community housing.