Since the newspaper published the essential idea, I did some research and developed some details after consulting with an attorney.  If I got the details straight, many of the provisions are specified by the “grantor” (you the voter), and are stipulated in the warrant that creates it.  This post contains some details in Q&A format:

What kind of trust would it be?
The trust would be an Expendable Trust of the Town of Wolfeboro.

How is it established?
It is established by warrant at annual town meeting.  The warrant spells out the major provisions of the trust. If no bonded funds are involved, it would require 50% approval.

Who would own the building?
The trust would be a town trust and ownership would not change.  It would belong to the Town of Wolfeboro.

Who would be the trustees?
That would be specified in the warrant.  It could be the Board of Selectmen (BOS), members appointed by the BOS,  elected trustees, or any combination of the above.

Who would handle the money?
Funds would be managed by the Trustee of the Trust Funds who would receive donations and any funds appropriated by warrant,  and would expend funds as advised by the trustees.

Would there be an accounting of the money?
The accounts are subject to examination under the Right to Know Law and an accounting is published in the town’s annual report.

What if it doesn’t work out?
At conception, the trust can be designated as revocable.  If so, the requirement would default to a simple majority, or it can be designated to be any other threshold.

How is the money spent?
At the discretion of the trustees consistent with the objectives of the trust.

Can the trust sell the building?
I don’t know if it can without a warrant, but sale could be prohibited by the trust documents.

Would this make taxpayer support of the building impossible?
The voters can appropriate funds to be deposited into the trust, subject to the Municipal Finance Act if it involves bonding.

Would they lose my kid’s college tuition?
I can’t guarantee anything.

I’d be happy to answer or try to get answers to any real questions that people might have. Just post it as a comment.