[HISTORY: Adopted by the Board of Supervisors of the Township of Kidder 11-15-1983 by Ord. No. 39. Amendments noted where applicable.]
Be it ordained and enacted by the Board of Supervisors of the Township of Kidder and it is hereby ordained and enacted by authority of the same, that a fund is hereby created to be known as the “Capital Reserve Fund of the Township of Kidder for Anticipated Capital Expenditures,” and to be administered subject to the approval of the Board of Supervisors of the Township of Kidder.
Monies in the said Capital Reserve Fund shall be used from time to time for the construction, purchase or replacement of or addition to municipal buildings, equipment, machinery, motor vehicles, or other capital assets and for the construction, reconstruction and replacement of highways, underpasses, overpasses, sewers, sewage systems, sewage treatment facilities, refuse disposal facilities, air pollution facilities, water collection, storage, purification and distribution facilities, bridges, road improvements, viaducts, general government buildings, utilities, parks and recreational facilities, public safety facilities, including but not limited to streetlighting and fire alarm systems and traffic signals, for the purpose of purchasing real property, and the preparation and/or improvement of said lands for any legal purpose.
In order that said fund can be financed and budgeted, monies may be appropriated from the general Township funds or from any other source authorized by the Second Class Township Code or other applicable law pertaining to the same, and that the investment of any monies in said fund shall be invested in securities as prescribed by law as legal investments for sinking funds for municipalities.
The Secretary and/or Township Manager of the Township of Kidder shall cause to be prepared a Capital Expenditure Budget consisting of anticipated revenues or capital improvement appropriations and shall cause the same to be presented to the Board of Supervisors of the Township of Kidder for their approval.