[HISTORY: Adopted by the City Council of the City of Monessen
as indicated in article histories. Amendments noted where applicable.]
[Adopted 3-18-2009 by Ord. No. 3-2009]
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:
A.
The construction, purchase or replacement of or addition to municipal
buildings, equipment, machinery, motor vehicles or other capital assets;
B.
The construction, reconstruction and replacement of highways, underpasses,
overpasses and highway facilities;
C.
Refuse disposal facilities;
D.
Bridges, road improvements, sidewalks, general government buildings,
parks, swimming pools and other recreational facilities, public safety
facilities, including, but not limited to, streetlighting, fire alarm
systems and traffic signals;
E.
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[1] 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.
[1]
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.
The Capital Reserve Fund may be used for capital expenditures
other than the purposes specified above if Council by a four-fifths
vote shall declare that the above-stated purposes have become impracticable,
inadvisable or impossible, or that conditions have arisen in the City
which make other capital expenditures, not specified within this article,
more urgent than those for which the fund was specifically created.
Before the end of the current fiscal year, Council or its authorized
representative shall have the power to authorize the transfer from
the Capital Reserve Fund to the General Fund any amounts paid from
the General Fund for expenditures for the capital expenditures of
the City described above, or otherwise authorized by this article.
Any such transfer shall first be substantiated by an itemization of
the date of the expenditure, description and amount.
This article shall become effective immediately upon its enactment,
and shall be retroactive to December 31, 2008.
