[HISTORY: Adopted by the City Council of the City of Butler 2-19-1987 as Part 1, Title 1, Art. 110, of the 1987 Codified Ordinances. Amendments noted where applicable.]
A fund is hereby created as the Capital Reserve Fund of the city, such fund to be used for anticipated capital expenditures at the direction of Council.
Moneys in the fund shall be used from time to time for and on account of:
The construction, purchase or replacement of or addition to municipal buildings, equipment, machinery, motor vehicles or other capital assets.
The construction, reconstruction and replacement of highways, underpasses, overpasses and highway facilities.
Refuse disposal facilities.
Bridges, road improvements, sidewalks, general government buildings, parks, swimming pools and other recreational facilities, public safety facilities, including but not limited to street lighting, fire alarm systems, traffic signals.
The purchase of general real or personal property, independently or in conjunction with any urban renewal or redevelopment program or project authorized by the City and the preparation and/or improvement of such real or personal property for any legal purpose.
Moneys for the fund may be appropriated from the general funds of the city or from any other source authorized by the Third Class City Code or other applicable law pertaining to the same, and any moneys in the fund when invested shall be invested in securities as prescribed by law as legal investments for sinking funds for the city.
Editor's Note: See 53 P.S. § 35101 et seq.
The Director of Accounts and Finance shall cause to be prepared a capital reserve budget consisting of anticipated revenues and/or capital improvement appropriations and shall cause the same to be presented to council for approval.
A fund is hereby created in the Department of Accounts and Finance to be known as the "Capital Improvement Fund of the City."
In order that the fund can be financed and budgeted, money may be received and deposited in the fund from a variety of sources such as bonds, general fund appropriations, other fund transfers, earmarked taxes and any other source as may be now or hereafter authorized by law.
The Director of Accounts and Finance shall cause to be prepared a capital budget consisting of anticipated revenues or appropriations and expenditures and shall cause the same to be presented to Council for approval.