[HISTORY: Adopted by the Board of Commissioners of the Township of South Whitehall 6-21-2023 by Ord. No. 1075. Amendments noted where applicable.]
Be it ordained and enacted by the Board of Commissioners of South Whitehall Township and it is hereby ordained and enacted by authority of the same, that a fiscal fund is hereby created to be known as the "Capital Reserve Fund of South Whitehall Township," and to be controlled and administered subject to the approval of the Board of Commissioners of South Whitehall Township.
A. 
Monies in the Capital Reserve Fund shall be used from time to time for the construction, purchase, repair or replacement of or addition to municipal buildings, municipal facilities, equipment, machinery, motor vehicles, or other capital assets and for the construction, reconstruction, repair and replacement of highways, underpasses, overpasses, sanitary sewers and related appurtenances, sewage systems, sewage treatment facilities, storm sewers and related appurtenances, stormwater facilities, refuse disposal facilities, water collection, storage, purification and distribution facilities (including all related appurtenances), bridges, road improvements, viaducts, general government buildings, utilities, parks and recreational facilities, public safety facilities, including but not limited to streetlighting and signalized intersections, for the purpose of purchasing real property, and the preparation and/or improvement of said lands for any legal purpose.
B. 
Monies appropriated to the Capital Reserve Fund shall only be used for the above-listed purposes, unless the Board of Commissioners, by a four-fifths vote declare, that the original purpose or purposes have become impracticable, inadvisable or impossible, or that conditions in the Township make other capital expenditures more urgent than those for which the fund was created.
A. 
The Board of Commissioners of South Whitehall Township may appropriate moneys from the General Fund, Sewer Fund, Water Fund, Refuse Fund and any other revenue-producing fund to be paid into a Capital Reserve Fund, provided that the revenues shall be separately accounted for in each fund and that no revenue from one fund may be transferred into another fund without the express approval of the Board of Commissioners.
B. 
The Board of Commissioners may place into the Capital Reserve Fund any moneys received from the sale, lease or other disposition of any Township property or moneys received from any other source, provided that such moneys are not received or acquired for a particular purpose differing from the purpose of this fund.
Moneys that are appropriated into the Capital Reserve Fund from the Sewer Fund, Water Fund and Refuse Fund shall be separated into sub-funds of the overall Capital Reserve Fund. The fund balance of the overall Capital Reserve Fund shall be calculated to include these sub-funds, which shall include the Sewer Capital Fund, the Water Capital Fund and the Refuse Capital Fund. These sub-funds shall each have their own separate budgets and corresponding line items and appropriations. The purpose of these sub-funds is to ensure that the capital revenues and expenditures corresponding to the Sewer Fund, Water Fund and Refuse Fund are not commingled with other Township funds. These sub-funds shall be calculated into the overall fund balance of the Capital Reserve Fund and moneys in these sub-funds may be used for any purpose set forth in § 18-2 hereinabove, whether or not specifically related to a utility project or another unrelated capital project.
The Board of Commissioners hereby delegates the responsibility of administering the Capital Reserve Fund to the Township Manager in accordance with the approved annual budget and the requirements of the First Class Township Code, as amended, and no further approval from the Board of Commissioners shall be necessary for any such expenditure from the Capital Reserve Fund, including expenditures from the sub-funds, made in accordance herewith.
The funds in the Capital Reserve Fund, when invested, shall be invested in securities designated by 53 Pa.C.S. Pt. VII Subpt. B (relating to indebtedness and borrowing, as amended or any successor legislation) as legal investments for sinking funds of municipalities.