[HISTORY: Adopted by the City Council of the City of Nanticoke 5-16-2007 by Ord. No. 14-2007. Amendments noted where applicable.]
There shall be created a capital reserve fund for the City of Nanticoke. The assets of this fund shall remain in an interest-bearing account separate from other funds and accounts administered by the City of Nanticoke, and the City shall account and budget for such funds consistent with state law.
Funding for the Capital Reserve Fund shall come from the sale of any and all capital assets of the City of Nanticoke, its component agencies and organizations; funding directed from other accounts or funds of the City of Nanticoke; taxes directly earmarked for capital improvements; and grants and contributions.
The utilization of the assets of the fund shall be restricted to capital reserve, including the paving and reconstruction of public roads; related curb, stormwater and utility reserve and relocations; construction and rehabilitation of stormwater management systems, including catch basins, pipes and detention ponds; construction, expansion and rehabilitation of City-owned and -operated buildings; and construction, expansion and rehabilitation of City-owned and -operated recreational facilities.
No project shall be paid for through the Capital Reserve Fund for combined project costs of less than $5,000, nor shall any asset be purchased, improved, expanded or otherwise modified that has a reasonable life cycle of less than three years. In addition, the City shall not expend more than 20% of the capital and interest earnings in each and every year.