120.137 Long-term capital improvement trust fund.
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/wi/chapter-120/120-137-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
120.137 Long-term capital improvement trust fund.
(1)In this section, a “long-term capital improvement plan” is a capital improvement plan for at least a 10-year period.
(2)A school board that has approved a long-term capital improvement plan may create a long-term capital improvement trust fund for the purpose of financing the costs of the capital improvements included in the school board’s approved long-term capital improvement plan.
(a)A school board may not expend money deposited in a long-term capital improvement trust fund created under sub.
(2)for a period of 5 years beginning on the date the trust fund is created.
(b)After the 5-year period described in par.
(a), a school board may make expenditures from a long-term capital improvement trust fund solely for the purposes described in the school board’s approved long-term capital improvement plan and may not transfer money from a long-term capital improvement trust fund to any other school district fund.