When they gather for a special town meeting on Oct. 15, Tisbury voters will be asked to release $1.95 million from the general stabilization fund for immediate use at the Tisbury School.

The meeting begins at 7 p.m. Tuesday in the school gymnasium. There are two articles on the warrant. Moderator Deborah Medders will preside.

The first article seeks $1.5 million to lease or buy modular classrooms and offices and also do environmental remediation work at the town elementary school. The oldest parts of the town school have been closed since early September after school officials got the results of testing that revealed unsafe levels of lead in nearly a dozen rooms of the 90-year-old building.

The discovery touched off a scramble to find safe classrooms for the Tisbury children, who wound up starting school a week late and on two different campuses.

Kindergartners through fourth grade students are now in the newer areas of the Tisbury School, where lead was not detected, while fifth through eighth graders and their teachers are attending school in temporary space at the Martha’s Regional High School.

Splitting the student body has already added costs, including moving expenses and a second school nurse, among other things.

The second article on the warrant asks for another $450,000 to cover unbudgeted expenses for relocating students, and also for sealing and remediating unsafe areas of the town school and preparing sites for the temporary modular structures.

Town finance director Jon Snyder said if both warrant articles pass, about $500,000 will remain in the general stabilization fund, which he described as a rainy day fund that will need to be replenished over the next few years.

Overall, Mr. Snyder said, Tisbury is in good economic health with an AA+ bond rating and transferring the funds out of the general stabilization fund will not hurt the town’s financial standing

The eventual plan calls for reuniting all the grades and staff on the Tisbury campus, possibly using modular classrooms. Vineyard schools superintendent Dr. Matthew D’Andrea told the high school district committee early this week that he expected Tisbury students to be back together by January.

A new building project — the second one in 18 months — is in the early planning stages.

A community meeting was planned for Thursday to give Tisbury voters the opportunity to ask questions before the special town meeting.