CORRECTIVE REPRINT
PRIOR PRINTER'S NO. 1053 PRINTER'S NO. 3083
No. 944 Session of 1999
INTRODUCED BY CHADWICK, 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:
1 * * *
2 (26) When authorized by the participating school districts,
3 to establish capital reserve funds under the provisions of
4 section 1850.4 for the purposes of purchasing equipment and
5 maintaining facilities;
6 * * *
7 Section 2. The act is amended by adding a section to read:
8 Section 1850.4. Capital Reserve Fund for Approved Purchases
9 of Equipment and Facility Maintenance.--(a) Any area
10 vocational-technical board shall have the power to create a
11 special fund which may be designated as a capital reserve fund,
12 and to accumulate therein moneys to be expended, in accordance
13 with the provisions of this section, during a period not to
14 exceed five years from the date when the first payment was made
15 into the fund, for the purpose of purchasing equipment or
16 maintaining facilities.
17 (b) The capital reserve fund herein provided for shall
18 consist of funds transferred during any fiscal year from
19 appropriations made for this particular purpose and of
20 unencumbered funds remaining from the current and/or prior
21 years' general fund.
22 (c) The moneys in the capital reserve fund shall be kept
23 separate and apart from any other fund by the treasurer of the
24 area vocational-technical board and the moneys in the fund may
25 be invested by the operating agent in securities legal for the
26 investment of sinking fund moneys of the school district. The
27 interest earnings on investments shall be paid into the capital
28 reserve fund. The area vocational-technical school shall
29 annually show in its financial report the amount of moneys in
30 the capital reserve fund which shall at all times be properly
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1 identified as to purpose.
2 (d) The moneys in any such capital reserve fund may be
3 expended only upon approval of a majority of the members of the
4 operating agent only during the period of time for which the
5 fund was created, and only for equipment purchases or facilities
6 maintenance projects and for no other purpose.
7 Section 3. This act shall take effect July 1, 1999.
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