[Text of section effective until Essex North Shore Agricultural and Technical School District is certified by the commissioner as the successor agency to the Essex agricultural and technical high school and the North Shore Vocational Regional School, which shall occur by July 1, 2009. Repealed by 2004, 463, Sec. 1. See 2004, 463, Sec. 18.]
Section 13. The board of trustees shall establish and maintain a capital reserve fund for the purpose of financing necessary facility maintenance and capital improvements, either directly or through the payment of debt service.