Council shall create and maintain a capital improvement reserve fund, and may from time to time transfer or appropriate thereto all monies accruing to any other fund of the Village not needed for the purposes of such fund and available for transfer under the general laws of the State and also the unencumbered balance remaining in the general fund of the Village at the end of any fiscal year. Monies in the capital improvement reserve fund shall not be expended for any purpose except to purchase equipment, apparatus, or other property, or to construct buildings, structures, roads, and other public improvements, needed for the use of the Village, or to pay obligations of the Village by means of transfer to the Sinking Fund of the Village.