The Capital and Maintenance Fund consists of three percent (3%) (or such other percentage as the Auditor of State may designate) of the formula’s base cash per student for the preceding fiscal year multiplied by the District’s student population for the preceding fiscal year, except that money received from a permanent improvement levy may be used to meet this requirement. Excess expenditures in the fund can be deducted from the required amounts in future years. Money in the fund may only be used as provided by Ohio law.

R.C. 3315.18; 5705.01