§ 9. Creation of contingent fund in school districts. The board of
education or the trustees of any school district may in the year
nineteen hundred and twenty or in any subsequent year, in addition to
the amount of the budget and other lawful taxes to be raised on the tax
roll of said year, include in the total so to be raised an amount not
exceeding thirty per centum of such total, which amount shall be known
as the contingent fund and shall be applied to the purposes of the
budget of the succeeding year in anticipation of the tax to be levied
thereon, and in each succeeding year the budget proposed to any school
district may provide for the reimbursement of said contingent fund, in
such manner that funds to an amount deemed sufficient by the district
may be raised and kept available for the expenses of the district
between the opening of the school year and the receipt of moneys raised
by taxation for such year.