Friday, May 4, 2018

Capital reserve item up for vote

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.