[HISTORY: Adopted by the Common Council of the City of Middletown 3-27-1972 (Ch. 19 of the 1971 Code). Amendments noted where applicable.]
The Board of Estimate be and is hereby authorized to prepare and submit to the Common Council, a three-year capital program not later than November 1 of each year, and that the capital program shall be planned and executed in accordance with the following provisions:
The capital program shall be a plan of capital projects proposed to be undertaken during a three-year period, the estimated cost thereof and the proposed method of financing.
The capital program shall be arranged in such manner as to indicate the order of priority of each project, and to state for each project:
A description of the proposed project and the estimated total cost thereof.
The proposed method of financing, indicating the amount proposed to be financed by direct budgetary appropriation or duly established reserve funds; the amount, if any, estimated to be received from the federal and/or state governments; and the amount to be financed by the issuance of obligations, together with the period of probable usefulness for which they are proposed to be issued.
An estimate of the effect, if any, upon operating costs of the City within each of the three fiscal years following completion of the project.
The Common Council shall annually adopt a three-year capital program and a one-year budget after review and revisions, if any, not later than January 1 of each year. A public hearing on the proposed capital program and budget shall be held by the Common Council prior to their adoption. Any time during the fiscal year for which the capital program or capital budget was adopted, the Common Council, by the affirmative vote of 2/3 of its total membership, may amend the capital program or capital budget by adding, modifying or abandoning the projects or by modifying the methods of financing. No capital project shall be authorized or undertaken unless it is included in the capital program or budget, as adopted or amended.
For the purpose of this chapter, the terms used herein are defined as follows:
- CAPITAL PROJECT
- Any physical betterment or improvements, including furnishings, machinery, apparatus or equipment for such physical betterment or improvement when first constructed or acquired; or any preliminary studies and surveys relating to any physical betterment or improvement; or land or rights in land; or any combination thereof.