(a) There is established an escrow trustee clearing account. The account shall constitute funds not "town monies" pursuant to statute and shall be payable by the clerk-treasurer pursuant to law, but without appropriation specifically made.

(b) The clerk-treasurer is authorized to pay out of such account pursuant to law such funds without a specific appropriation being made therefor.

(c) Funds properly deposited in such account shall constitute, but shall not be limited to: insurance policy premium refunds, rebates, engineering fees, attorney's fees, and deposits made by town residents pursuant to other town ordinances, the purpose of which deposit is for the same to be held in trust and in escrow.