Section 20A. Any city, town or regional school district, located within such city or town, which accepts the provisions of this section may establish a fund to be known as the Instructional Materials Trust Fund, hereinafter in this section called the fund, and may appropriate money for said fund, which will be kept separate from all other monies by the city or town treasurer or, in the case of a regional school district, the treasurer of such regional school district. Said fund shall be managed by a board of trustees, hereinafter referred to as the board. The superintendent of schools of the city or town, or in the case of a regional school district, the superintendent of the regional school shall be chairperson of said board. In addition to the chairperson, the board shall consist of: two school committee members appointed by the school committee; two teachers from the elementary grade levels kindergarten through grade six, inclusive, and two teachers from the secondary grade levels, grades seven through twelve, inclusive, appointed by the local teachers organizations; one elementary school administrator and one secondary school administrator appointed by the superintendent of schools; and two parents of students in the elementary schools and two parents from the secondary schools appointed by the mayor of a city or the selectmen of a town, as the case may be, and in the case of a regional school district, appointed by the chairman of the regional school district committee. The terms of office of the board members shall be three years, except for the chairperson, who shall serve ex-officio. A vacancy on said board occurring by reason of the expiration of a term or other cause shall be filled by the designated appointing powers. A member of said board may be reappointed.

Said fund may accept a gift or donation. The principal of said fund shall not be expended. Said board is hereby authorized to expend annually ninety percent of the interest earned from the principal of said fund for the purchase of instructional materials; provided, however, that one-half of such expenditure shall be for the benefit of grade levels from kindergarten through grade six, inclusive, the remaining half for the benefit of grade levels seven through twelve, inclusive.

This section shall take effect upon its acceptance by a city, town, or regional school district.