[HISTORY: Adopted by the Town Council of the Town of Ocean View 1-13-2009 by Ord. No. 243. Amendments noted where applicable.]
In preparing the annual budget for the Town, the Town Council shall include an appropriation for a Street Repair and Replacement Trust Fund.
The SRRTF shall be funded as follows:
An initial deposit of $ 450,000 shall be transferred from the ERTF to the SRRTF.
Twenty-five percent of the Town's transfer tax revenues.
[Amended 6-14-2011 by Ord. No. 280; 5-14-2013 by Ord. No. 303]
Any additional income that may be earned by the reasonable and prudent investment of the SRRTF in secure investments.
After fiscal year 2010, appropriations from the annual operating budget to maintain the SRRTF at levels necessary to support the street repair and replacement requirements determined in § 49-4.
If not prohibited by law or other limitation, all grant money received from State Municipal Street Aid funding (hereinafter "MSA") and not expended in FY 2009 will be deposited and maintained in the SRRTF.
All grant money received from MSA after FY 2009 will be deposited and maintained in the SRRTF.
The funds to be deposited and maintained in the SRRTF shall be in an amount determined by the Town Council when it considers, among other things, the cost estimates, funding sources and recommended time schedule for each of the street repair and replacement projects during the presentation of the proposed Capital Improvements Program by the Town Manager pursuant to Section 3.103(A). 
Editor's Note: See Section 3.103(A) of the Charter.
The Town Council shall employ such professionals as consultants that it deems necessary and appropriate to assist it in making such determinations required by § 49-3 hereof. The professionals so employed shall provide the Town Council with its recommendations. Such studies as may be performed by such professionals shall be first performed not later than the commencement of fiscal year 2009 and shall be performed every five years thereafter. The SRRTF study shall be funded from the annual operating budget.
Funds accumulated in the SRRTF shall be expended only for the repair and replacement of street repair and replacement projects concurred in by a majority of the members elected to the Town Council when the repair or replacement cost exceeds $10,000. Repair or replacement costs may include engineering fees and costs, if necessary.
[Amended 5-12-2015 by Ord. No. 325]
For the purposes of this chapter, the following terms shall have the meanings indicated:
- REPAIR or REPLACEMENT
- The act of repairing or replacing a street, drainage system, or sidewalk through restoration, repair or replacement, including upgrades in quality, technology, design, construction or the like, together with the incidental design and engineering costs.