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Board creates Settlement Capital Fund, commits settlement proceeds
Summary
The board unanimously approved a resolution to establish a Settlement Capital Fund and commit settlement proceeds; John Campbell moved and Brian Kelly seconded the resolution.
The Sulphur Springs ISD Board voted 6-0 to establish a Settlement Capital Fund and to commit proceeds from a settlement to that fund. Board Member John Campbell moved for establishment of the fund and Board Member Brian Kelly seconded the motion.
The resolution delegates authority to create the fund and to allocate settlement proceeds for capital uses as specified in the resolution text. The board's unanimous vote formalizes the district's handling of settlement proceeds into a designated capital account.
