Town of Ocean View, DE
Sussex County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Town Council of the Town of Ocean View 3-6-2007 by Ord. No. 213. Amendments noted where applicable.]
GENERAL REFERENCES
Emergency Reserve Trust Fund — See Ch. 14.
Street Repair and Replacement Trust Fund — See Ch. 49.
In preparing the annual budget for the Town, the Town Council shall include an appropriation for a Capital Replacement Trust Fund (hereinafter CRTF).
The CRTF shall be funded as follows:
A. 
An initial deposit of $425,000 shall be included in the annual operating budget for the fiscal year 2007.
B. 
Twelve and one-half percent of the Town's transfer tax revenues.
[Amended 5-14-2013 by Ord. No. 304]
C. 
Any additional income that may be earned by the reasonable and prudent investment of the CRTF in secure investments.
D. 
After fiscal year 2007 appropriations from the annual operating budget to maintain the CRTF at levels necessary to support the capital replacement requirements determined in § 8-4.
The funds to be deposited and maintained in the CRTF 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 capital projects during the presentation of the proposed Capital Improvements Program by the Town Manager pursuant to Section 3.103(A).[1]
[1]
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 § 8-3 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 that the commencement of fiscal year 2008 and shall be performed every five years thereafter. The CRTF study shall be funded from the annual operating budget.
[Amended 5-12-2015 by Ord. No. 324; 4-10-2018 by Ord. No. 346]
Funds accumulated in the CRTF shall be expended only for the repair and replacement of capital assets or improvements determined by a majority of the members elected to the Town Council when the repair or replacement cost exceeds $2,500. Repair or replacement costs may include engineering fees and costs, if necessary.
[Amended 5-12-2015 by Ord. No. 324]
For the purposes of this chapter, the following terms shall have the meanings indicated:
CAPITAL ASSETS or CAPITAL IMPROVEMENTS
Mean and include technology systems, facilities, structures, and the specific components covered in the CRTF study referred to in § 8-4 hereof with a reasonably predictable useful life.
REPAIR or REPLACEMENT
The act of repairing or replacing a capital asset through restoration, repair or replacement, including upgrades in quality, technology, design, construction or the like, together with the incidental design and engineering costs.
[Amended 5-12-2015 by Ord. No. 324]
A. 
Funds accumulated in the CRTF shall not be considered unexpended and unencumbered funds at the end of the budget year as per Section 3.108, Lapse of Unexpended Appropriations.[1]
[1]
Editor's Note: See Section 3.108 of the Charter.
B. 
Funds accumulated in the CRTF shall be considered encumbered funds.