Budget Amendment ID: FY2014-S3-64

LOC 64

Pentucket Regional School District

Mr. Tarr and Ms. O'Connor Ives moved that the proposed new text be amended by inserting after section _ the following sections:-

SECTION x. Upon the effective date of this act, any monies remaining in the Supplemental Reserve Fund to Ensure Fiscal Stability reserve fund established by section 5 of chapter 108 of the acts of 2006 shall be transferred to the Pentucket Regional School District Middle and High School Complex Capital Fund as established by section 2.

SECTION xx. Notwithstanding any general or special law to the contrary, there is hereby established a separate fund to be known as the Pentucket Regional School District Middle and High School Complex Capital Fund into which shall be deposited all monies held in the Supplemental Reserve Fund to Ensure Fiscal Stability, established by section 5 of chapter 108 of the acts of 2006, for the purpose of capital expenditures for the Pentucket Regional School District middle and high school complex located in the town of West Newbury.  The Pentucket regional school committee shall be the custodian of the fund and may authorize disbursements from the fund for capital purposes that the committee considers appropriate to provide for the middle and high school complex. Any income derived from the investment or reinvestment of amounts held in the fund shall remain with and become part of the fund.

SECTION xxx. Chapter 108 of the acts of 2006 is hereby repealed.

SECTION xxxx.  The Pentucket Regional School Committee may dissolve the Pentucket Regional School District Middle and High School Complex Capital Fund and may authorize disbursements from the fund for operating purposes that the committee considers appropriate to maintain and continue regional school district operations.

SECTION xxxxx.  Section xxxx shall take effect on July 1, 2018.