[Adopted 12-5-1966]
A. 
The purpose of this article is to provide for the financing of a long-range capital improvement program involving future expenditures for the purchase and construction of parklands and recreational facilities, the building of schools and community services buildings, the construction of new roads and the improvement of the existing highway system, the acquisition and improvement of public water supply facilities, the construction of a stormwater drainage system, the construction of a sanitary sewer system, the construction of new municipal buildings and other and further capital improvements as may be found necessary or desirable in the future.
B. 
In addition, it shall be the purpose of this article to provide for the financing of a capital equipment program involving expenditures for the purchase of automotive equipment and machinery of every kind whatsoever to be utilized in the construction, maintenance and repair of any or all municipal facilities and for the purchase of office equipment and apparatus of every type and description to be utilized for facilitating the operations of government in correspondence, communications, billings, purchasing, recording, duplicating and all other operations necessary or desirable in carrying out the operations of municipal government generally.
Upon the authority of Chapter 108 of the General Statutes of the State of Connecticut, as amended, there is hereby created a Capital and Nonrecurring Expenditures Reserve Fund for the purpose of financing capital improvement programs.
Such fund may be used for the financing of all or part of the planning, construction, reconstruction or acquisition of any specific capital improvement or the acquisition of any specific item of equipment. No part of the fund shall be used for ordinary repairs or for maintenance of a recurring nature.
[Amended 9-15-1980]
Appropriation of moneys from such fund shall be approved by the City Council, provided that after necessary recommendation and approval an appropriation shall be set up, plainly designated for the project or acquisition for which it had been authorized, and such unexpended appropriation may be continued until such project or acquisition is completed. Any unexpended portion of such appropriation remaining after such completion shall revert to said Capital and Nonrecurring Expenditures Reserve Fund.
If any appropriation is duly authorized in accordance with the provisions of the preceding section and through unforeseen circumstances the completion of the project or acquisition for which such appropriation has been designated is impossible to attain, upon recommendation of the budget-making authority and approval by the legislative body, such appropriation shall terminate and no longer be in effect. Any unexpended portion of such appropriation remaining after such termination shall revert to said Capital and Nonrecurring Expenditures Reserve Fund.
[Amended 9-15-1980]
If, in the opinion of the City Council, such reserve fund is insufficient to meet the cost of any capital or nonrecurring expenditure which it deems immediately necessary, it may authorize that an appropriation be made therefor, provided that the total of such fund and the sum anticipated from a tax collected for the purposes of implementing this article in the year following the date when such authorization is made is estimated by said City Council to be sufficient to meet such expenditures. Nothing herein shall prohibit the City from supplementing said reserve fund to meet the cost of capital or nonrecurring expenditures by issuing bonds or notes in accordance with the applicable provisions of the statute.
[Amended 9-15-1980]
A. 
Upon the approval of the City Council, there shall be paid into such reserve fund:
(1) 
Amounts authorized to be transferred thereto from the general fund cash surplus available.
(2) 
Amounts raised by the annual levy of a tax not exceeding two mills for the benefit of such fund, and for no other purpose, such tax to be levied and collected in the same manner as the regular annual taxes of the City.
(3) 
Surplus cash funds already held in reserve and available for such capital or nonrecurring expenditures as are contemplated by the terms of § 25-3 herein.
(4) 
Surplus cash funds received from the state or federal government as grants in aid for capital expenditures otherwise funded and available for such capital or nonrecurring expenditures as are contemplated by the terms of § 25-3 herein.
(5) 
Surplus cash funds remaining realized from the issuance of bonds or notes for the completion of a capital improvement after all obligations in connection therewith have been discharged.
(6) 
Surplus cash funds realized from the sale or leasing of capital assets, including land, buildings, automotive equipment, machinery, fixtures and apparatus of every kind.
B. 
All moneys so accumulated, together with such funds as may be accumulated in accordance with the provisions of previous sections, together with all interest that accrues thereon, shall be deposited in a separate bank account by the Treasurer, which account shall be titled "Capital and Nonrecurring Expenditures Reserve Fund of the City of Meriden."
[Amended 9-15-1980]
The City Council may, from time to time, direct the Treasurer to invest, in securities which are legal investments for savings banks, such portion of the fund as in its opinion is advisable, provided that not less than 50% of the total amount invested shall be invested in the stocks or bonds on interest-bearing notes or obligations of the United States, or those for which the faith of the United States is pledged to provide for the payment of principal and interest, including the bonds of the District of Columbia.
[Amended 9-15-1980]
The Treasurer shall annually submit a complete and detailed report of the condition of such fund to the City Council. Such report shall be made a part of the annual report of the City.
No payment shall be made to the reserve fund as provided for in the foregoing sections which will cause the amount of such funds to exceed the current tax levy of the municipality except the addition of interest and dividends earned by such fund.
[Amended 9-15-1980]
The Capital and Nonrecurring Expenditures Reserve Fund may be discontinued upon approval of the City Council, and said fund shall be converted into or added to a sinking fund to provide for the retirement of its nonserial bonded indebtedness. If the municipality has no bonded indebtedness, such fund shall be transferred to the general fund of the municipality.