Any town, at a town meeting warned and held for such purpose, and any city or borough, by its aldermen, common council or burgesses, may appropriate money for public celebrations in honor of members of the armed forces and veterans, and for the erection of a suitable memorial structure in honor of those members and veterans who were residents of such municipality at the time of their enlistment or induction into the armed forces for service in war; and may appoint committees to select and secure an appropriate site for such memorial, to supervise and direct its design and construction and expend the money appropriated therefor. No part of any such appropriation shall be expended for the site for such memorial and no appropriation for any memorial shall exceed an amount equal to fifteen cents on each one hundred dollars of the grand list of any town, city or borough making an appropriation for such purpose.