The Board of Education directs the establishment of a Capital and Maintenance Fund to be used solely for acquisition, replacement, enhancement, maintenance, or repair of permanent improvements.

The Treasurer shall be responsible for the administration of the Fund and shall annually deposit into the Fund the percentage of revenues, stipulated by the State, that would normally be deposited into the General Fund. Any revenues received from a permanent improvement levy may be substituted for the General Fund revenues.

This funding requirement is not to be superseded by any terms of a collectively-bargained, negotiated agreement.

R.C. 3315.18, 5705.01