A.Â
Permanent funds of any former school district shall be placed in
charge of the Treasurer of the Town. Said Treasurer, with the approval
of the Council, may designate and appoint a state bank or national
banking association with trust powers located in the County of Hartford
to hold and manage such funds. The income and principal of each of
such funds shall be applied by the Town Board of Education for the
benefit of the school or schools within the limits of the district
formerly existing, for the benefit of which such fund was established,
in such manner as to carry out as nearly as possible the intent of
the grantor of such fund.
B.Â
Any vote or resolution of the Town Board of Education authorizing
the expenditure of the principal or any part thereof of any such funds
shall become effective only after it has been adopted at a Meeting
of the electors of the Town residing within the limits of the district
formerly existing for whose benefit such fund was established, as
determined by the latest official lists of the registrars of voters,
by a majority of those voting at such Meeting. The Town Board of Education
shall give notice of such Meeting by publication in a newspaper having
a circulation in said district and by the posting in the schoolhouses
in said district of the call therefor, together with the proposed
vote or resolution at least 10 days prior thereto. Such Meeting shall
be called to order by the Chair of the Town Board of Education. A
Moderator shall be elected and shall preside. The Town Clerk or, in
his/her absence, an Acting Clerk designated by the Meeting shall serve
as clerk of the Meeting and shall keep a record of proceedings thereof
which shall be permanently kept in the office of the Town Clerk.
[Amended 7-1-2003]
