PRINTER'S NO. 1053
No. 944 Session of 1999
INTRODUCED BY ALLEN, ARMSTRONG, BAKER, BARRAR, BENNINGHOFF,
BROWNE, CAWLEY, CLARK, CLYMER, L. I. COHEN, COLAFELLA, CURRY,
DALEY, DALLY, DEMPSEY, EGOLF, FAIRCHILD, FLEAGLE, FLICK,
GEIST, GRUCELA, HENNESSEY, HESS, HUTCHINSON, KREBS, LAUGHLIN,
LEH, MANDERINO, MARKOSEK, McILHATTAN, MELIO, NAILOR, ORIE,
PESCI, PLATTS, RAYMOND, READSHAW, ROONEY, ROSS, RUBLEY,
SAINATO, SAYLOR, SCHULER, SEMMEL, SEYFERT, B. SMITH, SNYDER,
STABACK, STAIRS, STEELMAN, STERN, STEVENSON, E. Z. TAYLOR,
TRELLO, TRICH, VAN HORNE, WILLIAMS, WOJNAROSKI, WRIGHT,
YOUNGBLOOD AND ZUG, MARCH 22, 1999
REFERRED TO COMMITTEE ON EDUCATION, MARCH 22, 1999
AN ACT
1 Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
2 act relating to the public school system, including certain
3 provisions applicable as well to private and parochial
4 schools; amending, revising, consolidating and changing the
5 laws relating thereto," authorizing area vocational-technical
6 boards to establish capital reserve funds.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Section 1850.1(b) of the act of March 10, 1949
10 (P.L.30, No.14), known as the Public School Code of 1949, is
11 amended by adding a clause to read:
12 Section 1850.1. Organization and Operation of Schools and
13 Institutes.--* * *
14 (b) The area vocational-technical board shall have authority
15 and its duty shall be:
16 * * *
1 (26) When authorized by the participating school districts,
2 to establish capital reserve funds under the provisions of
3 section 1850.4 for the purposes of purchasing equipment and
4 maintaining facilities;
5 * * *
6 Section 2. The act is amended by adding a section to read:
7 Section 1850.4. Capital Reserve Fund for Approved Purchases
8 of Equipment and Facility Maintenance.--(a) Any area
9 vocational-technical board shall have the power to create a
10 special fund which may be designated as a capital reserve fund,
11 and to accumulate therein moneys to be expended, in accordance
12 with the provisions of this section, during a period not to
13 exceed five years from the date when the first payment was made
14 into the fund, for the purpose of purchasing equipment or
15 maintaining facilities.
16 (b) The capital reserve fund herein provided for shall
17 consist of funds transferred during any fiscal year from
18 appropriations made for this particular purpose and of
19 unencumbered funds remaining from the current and/or prior
20 years' general fund.
21 (c) The moneys in the capital reserve fund shall be kept
22 separate and apart from any other fund by the treasurer of the
23 area vocational-technical board and the moneys in the fund may
24 be invested by the operating agent in securities legal for the
25 investment of sinking fund moneys of the school district. The
26 interest earnings on investments shall be paid into the capital
27 reserve fund. The area vocational-technical school shall
28 annually show in its financial report the amount of moneys in
29 the capital reserve fund which shall at all times be properly
30 identified as to purpose.
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1 (d) The moneys in any such capital reserve fund may be
2 expended only upon approval of a majority of the members of the
3 operating agent only during the period of time for which the
4 fund was created, and only for equipment purchases or facilities
5 maintenance projects and for no other purpose.
6 Section 3. This act shall take effect July 1, 1999.
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