Sec 15-1106. Permanent teacherage fund; uses; definition

A. A school district governing board, or the superintendent or chief administrative officer with the approval of the governing board, may establish a permanent teacherage fund. Such fund shall be comprised of proceeds obtained from the lease of teacherages within the school district. Monies in such fund may be used for any of the following purposes:

1. Maintenance and operation of teacherages.

2. Debt service related to teacherages.

3. Purchase of houses, including mobile or modular housing, to be used exclusively as teacherages for school districts located on Indian and federal lands.

4. Reduction of the local tax levy if accumulation in such fund warrants such use.

B. Monies in a permanent teacherage fund are not subject to reversion.

C. For the purposes of this section, "teacherage" means any housing facilities for teachers and other school employees provided by a school district pursuant to section 15-342, paragraph 6.