[HISTORY: Adopted by the Borough Council of the Borough of
Folcroft as indicated in article histories. Amendments noted where
applicable.]
[Adopted 8-16-2022 by Ord. No. 2022-03]
The Borough Council hereby establishes a Capital Reserve Fund
for anticipated capital expenditures as follows:
A.
To create and maintain a separate Capital Reserve Fund for anticipated
legal capital expenditures. The money in the fund shall be used, from
time to time, for the construction, purchase, replacement of or expansion
of municipal buildings, equipment, machinery, motor vehicles or other
capital assets of the Borough and for no other purpose.
B.
To appropriate money from the general Borough funds to be paid into
the Capital Reserve Fund or place in the fund any money received from
the sale, lease or other disposition of any Borough property or from
any other source, unless received or acquired for a particular purpose.
C.
The fund shall be controlled, invested, reinvested and administered
and the money expended for any of the purposes for which the fund
is created in a manner as may be determined by Council. The money
in the fund, when invested, shall be invested in securities designated
by 53 Pa.C.S. Pt. VII Subpt. B (relating to indebtedness and borrowing)
as legal investments for sinking funds of municipalities.
The Borough Council hereby establishes a special fund for driveway
restoration as follows:
A.
Council may set aside in a separate fund any money received out of
or from the sale, lease or other disposition of any Borough property
or received from any source unless the money was received or acquired
for a particular purpose.
B.
The fund must be controlled, invested and administered, and the income
arising from the fund expended, in the manner as may be determined
by action of the Council.
C.
Only the income from the fund may be used or expended and that neither
principal nor any part of the principal may be used or expended unless
upon authorization of a majority vote of the qualified electors of
the Borough.
