20-A §1706. Reserve fund
Title 20-A: EDUCATION
Part 2: SCHOOL ORGANIZATION
Chapter 105: COMMUNITY SCHOOL DISTRICT
Subchapter 3: FINANCING
§1706. Reserve fund
Community school districts may establish a reserve fund as follows: [1989, c. 132, §3 (NEW).]
1. Establishment. A community school district may establish a reserve fund for school construction projects, financing the acquisition or reconstruction of a specific or type of capital improvement or financing the acquisition of a specific item or type of capital equipment by including a request in the district budget and receiving voter approval.
The district school committee shall be the trustee of the reserve fund. The reserve fund shall be deposited or invested by the treasurer under the direction of the school committee.
[ 1989, c. 132, §3 (NEW) .]
2. Deposit or investment. All district funds, including reserve funds and trust funds to the extent that the terms of the instrument or vote creating the fund do not prohibit, shall be deposited or invested by the treasurer under the direction of the district school committee according to the requirements for the deposit or investment of municipal funds contained in Title 30-A, section 5706.
[ 1989, c. 132, §3 (NEW) .]
3. Expending money from reserve funds. The district school committee may expend the sum in the reserve fund when authorized to do so by a vote of the district at a district meeting or a district budget meeting, when an article for that purpose is set out in the warrant calling the meeting.
[ 1989, c. 132, §3 (NEW) .]
SECTION HISTORY
1989, c. 132, §3 (NEW).