[Amended by Ord. No. 1459-96]
There is hereby created a capital fund reserve to be known as
the reserve for municipal improvements, to be maintained in any bank
or trust company lawfully doing business in the state and approved
as a legal depository of funds under the custody of the Treasurer
of the Township.
Expenditures from the reserve for municipal improvements shall
be made only for such capital improvements as the Township Council
shall authorize by resolution as being in the public interest, to
include expenditures for any and all educational, recreational or
any other public purpose, benefit or use permitted by law; such resolution
shall be finally adopted by a majority vote of all the members of
the Township Council.
[Amended by Ord. No. 1459-96]
The Chief Financial Officer may invest and reinvest all or part
of the reserve funds in the following types of securities:
A. Securities as authorized in N.J.S.A. 40A:5-15.1 of the Local Fiscal
Affairs Law.