Catalina Lights has some very inexpensive T5 lights and you can build your own. If i was to go the new light route, it would be CL (under Catalina Aquariums). As shallow and narrow as the tank is, I think you could get away with a 4-5 bulb combination. Having an AI fixture would be awesome, but they are also expensive.
I think you can call CL to set up an account where members can go and put into it if I am not mistaken. Either way, which ever route you go, I can put in money in for the light. Just to help out the club.
I hope others follow suite. You don't have to donate $40-$100 which would be nice. A simple $5-$10 goes a long way when you multiply it times 50. This is why I also mentioned in order to join the club, a very small "monetary donation" gains one membership into the club. Maybe its something we need to speak of at the following meeting. This way, the burden of purchasing marketing tools, products, donations to charitable causes in and out of the city, setting up the frag tank doesn't fall under the sole responsibility of one member/officer or LFS. I would pay $10-$20 to be a member because I know its helping out the club. Other clubs/non-profit organizations do this on a daily basis. I just renewed my membership to the Sierra Club, Green Peace and joining a reef club to protect the reefs. There is no set amount with these clubs, you give what you can to gain membership.
Just my .02