There is created a special revenue fund to be known as the "Interscholastic
Sports Fund." All gate receipts and related athletic revenues shall
be deposited into said fund, which shall be held by the Town Treasurer.
The expenditure of any portion of said fund shall be as authorized
by resolution of the Board of Finance for any capital athletic expense
as requested by the Board of Education of the Town of Putnam. The
resolutions, approved by the Board of Finance and the Board of Education,
must be identical in their verbiage.
This fund shall constitute a continuing fund which shall not
lapse at the conclusion of any fiscal year but shall be carried forward
from year to year.