[Amended 4-20-2021 by Ord. No. 1921-01]
As used in this article, the following terms
shall have the meanings indicated:
PUBLIC SCHOOL CAPITAL IMPROVEMENT PROJECT
A repair, renovation and/or minor addition, which has a life
expectancy of at least seven years and costs in excess of $15,000,
to a building and/or facility maintained by the Board of Education.
TUITION PAYMENTS
All tuition payments received from federal, state or local
sources, excluding all preschool tuition payments received from Town
residents.
[Amended 4-20-2021 by Ord. No. 1921-01]
There is hereby created for the Town a Public School Capital Improvement Projects Reserve Fund. Said fund shall serve as a means to set aside moneys for the financing of public school capital improvement projects. There shall be paid into said fund the proceeds from the rental or sale of former school properties, including mortgage amortization payments, the earnings derived from investment of fund balances, the income from current school rental fees, tuition payments and an annual appropriation of at least $125,000, subject to §
48-16, when formulating the annual budget of the Town, and such transfers and appropriations as the Town Council may, from time to time, authorize.
The balance of the Public School Capital Improvement
Projects Reserve Fund existing at the close of any fiscal period shall
remain credited to such fund and shall not lapse to the general fund.
The balance of said fund or any portion thereof may be invested separately
or in conjunction with other idle Town funds, provided that any applicable
interest earnings shall be credited to said fund. The fund balance
shall not exceed the sum of $1,200,000 at any time. All funds in excess
of $1,200,000 shall be immediately returned or deposited to the general
fund balance.