Adopted by the Board of Selectmen: April 30, 2007
Published in the Journal Inquirer: May 2, 2007
Effective Date: May 17, 2007
SCHOOL CAPITAL FUND ORDINANCE
1. It is recognized that, pursuant to Connecticut General Statutes § 7-148( c ) (2)(K), a special fund to be known as the School Capital Fund (the “Fund”) is established. Said Fund shall be used in whole or in part, exclusively, for funding capital expenditures related to a Bolton High School building project (the “Project”), including the acquisition; reconstruction; construction; expansion; renovation; and replacement of Bolton High School facilities and the costs related to the Project. In addition, the Fund may be used in whole or in part for payment of debt service associated with the Project.
2. The Fund shall be in the custody of the Treasurer of the Town of Bolton and all or any parts of the monies in said Fund, may from time to time, be invested in any securities in which public funds may lawfully be invested. All income derived from such investments shall be paid into the Fund and become a part thereof. The monies so invested shall at all times be subject to withdrawal from such investment for use as provided in paragraph 1, above.
3. Annually, the Treasurer shall submit to the Board of Selectmen and the Board of Finance, a complete and detailed report of the condition of said fund, which report shall be made a part of the Bolton annual report.
4. Subject to the provisions of the Charter, the decisions regarding the use of monies in said fund shall be made by the Board of Selectmen in its sole discretion after consultation with representatives from the Board of Education and Board of Finance. The Selectmen may delegate, upon such conditions as the Board of Selectmen shall determine, disbursement authority to a duly authorized individual.
5. There shall be deposited in such fund: (a) eighty percent (80%) of the gross tuition revenue received from the contract with the Town of Columbia for the education of its students in Bolton schools; (b) 80% of the gross tuition revenue received from any other High School tuition contract(s) signed by the Bolton Board of Education with other Towns or Boards of Education; and (c) all monies appropriated to such fund.
6. The Fund shall continue in existence until by ordinance it is determined that this Ordinance should be amended or discontinued.
7. Upon dissolution of the Fund, any remaining balances shall be paid over into the general fund or such other fund as the ordinance terminating said Fund shall direct.
8. The Board of Selectmen shall conduct a mandatory review of this Ordinance every five (5) years. If no amendments are deemed necessary, the Board of Selectmen shall be resolution state that this Ordinance shall continue in existence for successive five year periods or until terminated or amended by ordinance.