SBCTC Policy Manual
Chapter 6: Capital Expenditures and Real Property Transactions
At the direction of the Legislature, the SBCTC created an emergency reserve fund using a portion of the state capital appropriation of RMI funds. The emergency reserve is intended to supplement the regular RMI allocation to each college, if and when a major facility emergency occurs (see Appendix G: Emergency Reserve – Reserve Fund Guidelines; Reserve Fund Assumptions; and Reserve Fund Allocation Formula)
6.50.10 Hazardous Materials Mitigation and Abatement Pool
Within the Emergency Reserve Fund, the State Board for Community and Technical Colleges has further created a Hazardous Materials Mitigation and Abatement Pool. This targeted “pool” of funds is established to assist the colleges with asbestos abatement and other hazardous material abatement and mitigation. Like the parent Emergency Reserve Fund, the Hazardous Materials Mitigation and Abatement Pool funding eligibility criteria is subject to the same “Reserve Fund Guidelines” as detailed in Appendix G: Emergency Reserve. However, the funding formula differs in that the Hazardous Materials Mitigation and Abatement Pool will fund 100% of eligible costs up to $500,000 subject to available funds in accordance with previous Office of Financial Management mitigation pool funding guidelines.
The pool will be operated on a first come first served basis until funds are exhausted.
||6.50.10 added regarding Hazardous Materials Mitigation and Abatement Pool
|SBCTC Resolution 02-09-16
||Board approved Policy Manual
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