[Adopted 1-4-1971 by Ord. No. 157]
The Township of Upper Allen hereby creates a
separate Capital Reserve Fund for Anticipated Capital Expenditures
for the purposes of purchasing land for municipal uses, including
recreational lands for the construction, purchase or replacement of
all additions to municipal buildings, and for the purchase or replacement
of equipment, machinery or motor vehicles.
Said Capital Reserve Fund for Anticipated Capital Expenditures may be used for capital expenditures other than the purposes set forth in § 75-1 hereof if the Commissioners, by 4/5 vote, shall declare that the hereinbefore mentioned purposes have become impracticable, inadvisable or impossible or that other conditions have arisen which make other capital expenditures more urgent than those for which the fund is hereby specifically created.
The Township Commissioners may appropriate moneys
from said township funds, from time to time, to be paid into the Capital
Reserve Fund for Anticipated Capital Expenditures or place in the
fund any moneys reserved from the sale, lease or other disposition
of any township property or from any other source unless received
or acquired by a particular purpose.
The Capital Reserve Fund for Anticipated Capital Expenditures shall be controlled, invested, reinvested, administered and the moneys therein and income from such moneys expended for the specific purposes set forth in § 75-1 hereof in such manner as may be determined by the Township Commissioners. The money in said fund, when invested, shall be invested in securities designated by law as legal investments by sinking funds of municipalities.
