The Act required approval of the voters in each of the Cape's 15 towns through a referendum that was on the ballot in November 1998. The referendum passed in every town on Cape Cod. It expires in 2020. This money is placed in a town land bank fund which is dedicated for this purpose and accrues interest. Donations can also be made to the town land bank fund.
Towns can bond in anticipation of future land bank revenue.
Each town's board of selectmen or town council is required to create or designate a town open space committee to carry out the provisions of the Act. Committee members may not be paid for their service. The warrant article should reference the land bank as a funding source for the acquisition. Towns began collecting revenue in FY 2000. In addition to outright land purchase, the Act permits the acquisition of conservation restrictions or development rights from landowners.