Presentation March 14, 2018: Capital Reserve Fund Proposition
BE IT RESOLVED that the following proposition be placed on the ballot at the District Meeting of the voters of the Chappaqua Central School District, to be conducted on May 15, 2018:
CAPITAL RESERVE FUND PROPOSITION
Shall the Chappaqua Central School District be authorized to establish a capital reserve fund pursuant to Section 3651 of the Education Law, to be designated as the "Buildings and Facilities Improvement Reserve Fund," which shall be for the purpose of paying all or a portion of the costs of renovation, construction, reconstruction and improvements to the District's buildings, facilities, and athletic facilities and fields, including original furnishings, equipment, machinery, apparatus, appurtenances, planning costs, site improvements, and incidental improvements and expenses in connection therewith; the maximum amount of such fund shall be $10,000,000 (plus accrued interest and investment earnings thereon), with a maximum term of 10 years; the source of the funding to be unexpended unassigned fund balances in the general fund at the end of each fiscal year and/or other legally available funds that may be placed into said reserve fund.
AND BE IT FURTHER RESOLVED that the District Clerk is authorized and directed to cause this proposition to be published in the legal notices for the May 15, 2018 Meeting in the designated newspaper(s) in accordance with Section 2004 of the Education law.