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Board establishes Settlement Capital Fund, commits settlement proceeds
Summary
Sulphur Springs ISD voted to establish a Settlement Capital Fund and commit settlement proceeds during the Feb. 9 meeting; the motion passed 6-0 after a motion by John Campbell and a second by Brian Kelly.
The Sulphur Springs ISD Board of Trustees voted to establish a Settlement Capital Fund and to commit settlement proceeds at the Feb. 9 meeting. John Campbell moved to establish the fund and commit proceeds; Brian Kelly seconded; the minutes record the board voted 6-0 to approve the resolution.
The minutes do not state the settlement amount or the proposed uses for the fund. The board recorded the procedural action to set aside settlement proceeds as restricted for capital purposes but provided no additional detail within the meeting minutes about the source, timing or administration of the fund.
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