Article VIII. - East Providence School Department Capital Improvement Revolving Fund

Sec. 2-294. - Definitions.#

The following words, terms, and phrases shall have the meanings as set forth in this section, except where to context clearly indicates a difference meaning:

Approved project means a project which has complied with the administrative regulations governing R.I.G.L § 16-7-35 through § 16-7-47, and which has been authorized to receive state school housing reimbursement by the commissioner of elementary and secondary education of the Rhode Island Department of Education.

Bonded debt re-imbursement means state housing aid reimbursement received as a result of bonded debt related to school capital improvement projects as approved by the Rhode Island Department of Education.

Capital improvement project means repairs or construction of a facility that enhances the facilities' condition, prolongs its useful life, or adapts to new uses and the acquisition or interest in land or lease or purchase of building.

Revolving fund means the East Providence School Department Capital Improvement Fund as established by this ordinance.

(Ch. 931, § 1, 12-10-24)

Sec. 2-295. - Initial funding-revolving fund.#

The City of East Providence shall transfer any unencumbered, unspent funds, or supplanted funds from the high school bond series 2021 F to establish the revolving fund.

(Ch. 931, § 1, 12-10-24)

Sec. 2-296. - Additional funding-revolving.#

Any and all reimbursements, including but not limited to reimbursements by the Rhode Island Department of Education of an approved capital improvement project, excluding any bonded debt reimbursement, shall be transferred to the revolving fund.

The East Providence City Council, by ordinance, and/or the east providence school committee may contribute additional monies to the revolving fund at their discretion.

Recommended capital improvement projects shall be prioritized on the basis of available funding, health and safety, and overall need and conformity with the school district's strategic plan.

(Ch. 931, § 1, 12-10-24)

Sec. 2-297. - Management and procedures.#

Each fiscal year, as part of the budget recommendation, the superintendent of schools will present to the council and the mayor its proposed capital improvements/projects related to the East Providence School Department.

Recommended capital improvement projects shall be prioritized on the basis of available funding, health and safety, and overall need and conformity with the school district's strategic plan.

Upon receipt the proposed capital improvement project(s), the city council, by ordinance, may approve and authorize the withdrawal and use of funds from the revolving fund to be used on a designated capital improvement project. Said funds shall be used exclusively for professional services, consultants, and construction costs related to a designated project.

The school department director of finance shall be provided with quarterly financial reports of the revolving fund balance.

(Ch. 931, § 1, 12-10-24)