Proposition 2 on next week's school budget vote: Shall the following
resolution be adopted? RESOLVED, that the Board of Education (the
"Board") of the Royalton-Hartland Central School District, Niagara,
Genesee and Orleans Counties, New York (the "District") is hereby
authorized to establish a capital improvements reserve fund pursuant to
Section 3651 of the Education Law of the State of New York (the "Fund");
that the Fund shall be known as the "Capital Improvements Reserve Fund,
2018" of the District; that the Fund shall be established for the
purpose of financing, in whole or in part, the acquisition,
construction, reconstruction, expansion, renovation, alteration and
improvement of buildings, facilities, sites and real property by the
District, or the District's share of the cost of any capital
improvements project undertaken by a Board of Cooperative Educational
Services ("BOCES") of which the District is or may be a component
district, including, in all cases, the acquisition of necessary
furnishings, equipment, machinery and apparatus; that the ultimate
amount of such Fund shall be not greater than $6,000,000 (plus interest
earned thereon); that the probable term of such Fund shall be not longer
than ten (10) years; and that the permissible sources from which the
Board is authorized to appropriate monies to such Fund from time to time
shall be (a) unappropriated fund balance of the District, (b) State aid
received as reimbursement for expenditures by the District in
connection with District capital improvements (whether or not such
improvements were financed in whole or in part from the Fund), (c) the
proceeds from the sale of unneeded District real or personal property,
and (d) such other sources as the Board or the voters of the District
may direct from time to time.
