[Ord. 1783, 11/14/1994]
A separate fund hereby is created and shall be maintained as
a capital reserve fund for anticipated legal capital expenditures.
The money in the fund shall be used, from time to time, for the construction,
purchase or replacement of or addition to municipal buildings, equipment,
machinery, motor vehicles or other capital assets of the Borough and
for no other purpose.
[Ord. 1783, 11/14/1994]
Council may appropriate monies from the general Borough funds
to be paid into the capital reserve fund or place in the fund any
monies received from the sale, lease or other disposition of Borough
property or from any other source, unless received or acquired for
another particular purpose.
[Ord. 1783, 11/14/1994]
The capital reserve fund shall be controlled, invested, reinvested
and administered and the monies expended for any of the purposes for
which the fund is created in such manner as may be determined by Council.
The money in the fund, when invested, shall be invested in securities
designated by law as legal investments for sinking funds of municipalities.
[Ord. 1783, 11/14/1994]
No funds shall be withdrawn from the capital reserve fund except
as authorized by Council and upon the signature of the President and
Secretary of Council, the Finance Director and the Borough Treasurer.
