PROPERTY ACQUISITION FUND

The St. Tammany Parish School Board recognizes that our parish is a fast growing community that requires us to be proactive about planning for and providing classrooms, schools, and other facilities to meet the increasing number of students expected to enter our School System.  The Board believes that a dedicated fund established to provide for the purchase of property would allow a proactive approach to providing necessary facilities.  Moreover, the timely purchase of land parcels for future schools and other facilities would enable the Board to move in the most cost effective and time efficient manner.  Therefore, the St. Tammany Parish Public School Board Property Acquisition Fund will be dedicated to the purchase of property and sites that will serve the functions of the Board in providing for schools and other facilities.  At the end of each fiscal year, ten percent of sales tax collected above the amount projected and needed to balance the general fund budget for that year will be deposited into said fund. The proceeds of School Board property sold or leased will be set aside into the Property Acquisition Fund, unless prohibited by conditions set forth in title documents.  From time to time, the Superintendent may recommend that additional amounts be added to the fund.  Any deposit into or expenditure from the Property Acquisition Fund will comply with law and School Board policies and procedures and will provide for public input.