[Adopted 7-22-1996 STM]
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.