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.