In accordance with Massachusetts General Laws Chapter 41, §106B, there is hereby established a Capital Planning Committee (“Committee”) comprised of five (5) members: three (3) to be appointed by the Town Moderator; one (1) by the Select Board; and one (1) by the Finance Committee. The initial appointments to the Committee shall be as follows: two members shall be appointed by the Moderator for a three-year term, the members appointed by the Select Board and Finance Committee shall be for two-year terms, and one appointment by the Moderator shall be for a one-year term. All subsequent appointments shall be for a three-year term, such terms to commence on July 1. In the case of a mid-term vacancy, the appointing authority for the respective seat shall select a new member for the remainder of the unexpired term. The Moderator shall notify the Town Clerk of all Committee appointments and re-appointments in a timely fashion. No Committee member may simultaneously serve as a member of the Select Board or the Board of Assessors.