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.
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.