A Capital Grant Review Board shall be established to study and evaluate all requests made on behalf of the Town or its boards for grants or loans for capital expenditures. The Board shall consist of two representatives appointed annually by the Selectboard, two representatives appointed annually by the school directors, and two representatives appointed annually by the Representative Town Meeting. The Board shall submit its recommendations in writing to the Selectboard or the school directors, as the case may be. Its recommendations are advisory only. (Amended 2003, No. M-6, § 2; 2011, No. M-10 (Adj. Sess.), § 2, eff. April 27, 2012.)