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:
A. An initial deposit of $ 450,000 shall be transferred from the ERTF
to the SRRTF.
B. 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]
C. Any additional income that may be earned by the reasonable and prudent
investment of the SRRTF in secure investments.
D. 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.
E. 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.
F. 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).
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.
Funds accumulated in the SRRTF shall not be considered unexpended
and unencumbered funds at the end of the budget year as per Section
3.108, Lapse of Unexpended Appropriations.