[HISTORY: Adopted by the Board of Commissioners of the Township of Manheim 12-12-1988 by Res. No. 1988-51 (Part 3, Ch. 4, of the 1976 Code of Ordinances). Amendments noted where applicable.]
A separate capital reserve fund ("capital reserve fund") is hereby created and shall be maintained for any and all legal capital expenditures of the Township, the moneys in the capital reserve funds to be used, from time to time, for the construction, purchase or replacement of or additions, improvements or extraordinary repairs to municipal buildings, equipment, machinery, motor vehicles, land, easements or land rights and any and all other capital assets or projects of or undertaken on behalf of the Township, including, without limitation, use of such money in payment of debt service on bonds or other obligations issued by the Township to fund any such capital projects.
The Board may appropriate funds from general Township funds to be paid into the capital reserve fund or cause to be placed in the capital reserve fund any moneys received from the sale, lease or other disposition of any Township property, proceeds of bonds or other obligations of the Township issued to fund capital projects or moneys from any other source (provided that such moneys or proceeds were not specifically received for a particular purpose not encompassed in or intentionally excluded from the capital reserve fund).
Moneys in the capital reserve fund, when invested, shall be invested in securities designated by law as legal investments for sinking funds of municipalities, and the moneys in the capital reserve fund, including investment income thereon, shall be expended on such capital projects, including debt service on bonds or obligations of the Township issued to fund such capital projects, as the Board shall determine.