[Adopted 10-18-2022 by Ord. No. 2022-2]
As used in this article, the following terms shall have the meanings indicated:
APPROVED PROJECT
A project which has complied with the administrative regulations governing Rhode Island General Laws §§ 16-7-35 through 16-7-47, and which has been authorized to receive state school housing reimbursement by the Commissioner of Elementary and Secondary Education.
CAPITAL IMPROVEMENT PROJECTS
Repairs or construction on a facility that enhances the facility's condition, prolongs its useful life, or adapts to new uses.
REVOLVING FUND
The Lincoln School Department Capital Improvement Revolving Fund established by this article.
The Town of Lincoln shall transfer the total net proceeds from the sale of the Fairlawn Elementary School to the revolving fund. Additionally, any housing aid reimbursement received from the Physical Education Center project shall be transferred to the revolving fund.
A. 
Composition. The Committee shall be composed of the following members:
(1) 
The Town Administrator;
(2) 
One member of the Town Council;
(3) 
One member of the Budget Board;
(4) 
One member of the School Committee;
(5) 
One resident of the Town of Lincoln appointed by the Town Administrator;
(6) 
One resident of the Town of Lincoln appointed by the Town Council;
(7) 
One resident of the Town of Lincoln appointed by the School Committee;
(8) 
The Director of Facilities for the School Department.
B. 
Duties. The Capital Improvement Revolving Fund Committee shall be advisory to the Town Council and in the first instance propose a five-year plan for school capital improvement projects approved by the Rhode Island Department of Education to the Town Council to be funded by the revolving fund.
A. 
The Town Council shall review the projects that were prioritized by the Capital Improvement Revolving Fund Committee in the School Committee's five-year plan, and by resolution, forward the approved projects by resolution to the Financial Town Meeting, or Special Financial Town Meeting as the case may be, to be funded by the revolving fund. Financial Town Meeting or Special Financial Town Meeting approval is necessary for appropriations from the revolving fund. Future approved projects to be funded by the revolving fund shall also follow this procedure.
B. 
Upon approval by the Financial Town Meeting or Special Financial Town Meeting, the Town Council shall prioritize the approved projects to be funded by the revolving fund and shall have oversight of the approved projects, including approval of all agreements and contracts for the approved projects, with the review and advice of the Capital Improvement Revolving Fund Committee.
C. 
The Town Council shall engage an owner's project manager to assist in the oversight of all approved projects to be paid for from the revolving fund.
The initial invested funds, and any state Housing Aid provided as reimbursement for school capital improvement approved projects, shall be utilized exclusively for professional services, consultants and approved capital improvements to be approved in the manner set forth in the procedures established pursuant to § 7-12, including but not limited to multi-year capital improvement plans. Capital improvement approved projects shall be selected based on available funding and Lincoln School Department strategic priorities.
[Amended 4-25-2023 by Ord. No. 2023-1]
A. 
Except as set forth in Subsection B herein, in addition to the initial funding set forth in § 7-10, all funds derived from those two funding sources shall also be deposited into the revolving fund, and the Town of Lincoln and the Lincoln School Department may from time to time transfer additional funds to the revolving fund.
B. 
The first $500,000 from the September 15, 2023, Housing Aid payment shall be used to reimburse the Town for the cost of including solar panels in the Physical Education Center project. The Town shall be reimbursed for any costs incurred in excess of $500,000 related to the Physical Education Center project utilizing Housing Aid payments, and any remaining reimbursements due to the Town and the School Department shall be deposited into the revolving fund.