[HISTORY: Adopted by the Legislative Council of the Town of Newtown 3-16-1983 (Reg. No. 7). Amendments noted where applicable.]
Board of Education — See Ch. 414.
Any funds available to the Board of Education from a specific gift or bequest (other than gifts to school activity funds) shall be placed in the custody of the Treasurer of the Town of Newtown and shall be kept by him in an account which shall be known as the "Newtown Board of Education Gift Fund," which account shall be separate and distinct from all other Town accounts. Disbursements from the Board of Education Gift Fund shall be made on order of the Board of Education only in accordance with the terms of the specific gifts or bequests which make up said fund. All checks drawn on the fund shall be signed by the Chairman of the Board of Education and countersigned by the Financial Director of the Town of Newtown. The Board of Education shall furnish an annual report with regard to such account. Any item received under the above language which exceeds the value of $5,000 and has a useful life of more than one year requires the filing of a financial impact statement with the Board of Education and submittal to the Legislative Council for comment only prior to the Board accepting said item.