Section 692. Expenditure of Fund.--The moneys in any such capital reserve fund may be expended by the school district singly or jointly (1) with the Commonwealth or any department or agency thereof; (2) with the Federal government or any department or agency thereof; or (3) with one or more other school districts only during the period of time for which the fund was created, and only for capital improvements approved by the Department of Public Instruction and for no other purpose.
(692 added Nov. 30, 1959, P.L.1597, No.577)