[HISTORY: Adopted by the Town Council of
the Town of Ocean View 3-6-2007 by Ord. No. 213. Amendments noted where
applicable.]
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.
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:
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.
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.
