Board formalizes emergency reserve fund policy, sets $5 million pool
The board approved a policy update formalizing administration of two emergency reserve pools (emergency and hazardous materials mitigation) totaling $5 million and clarifying eligibility, cost‑sharing and roles for accessing funds.
The full story
The State Board formalized its procedures for two capital emergency reserve pools by approving Resolution 26‑0‑6‑27. Gerald (staff) described the two pools: an emergency pool for unanticipated capital failures (water lines, roofs, elevators) and a hazardous materials mitigation pool for discoveries such as asbestos or mold discovered after projects begin. The pools total $5,000,000 for the biennium — $3,000,000 for the emergency pool and $2,000,000 for hazardous materials mitigation.
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