An amount not to exceed 3% of the equalized assessed value of property subject to taxation by the village may be accumulated in a separate fund for the purpose or purposes of specific capital improvements, repairs, and/or replacements of specific types of village equipment or other tangible property, both real and personal, to be designated as the "Capital Improvement, Repair, or Replacement Fund". Expenditures from the Capital Improvements, Repair, or Replacement Fund shall be budgeted in the fiscal year in which the capital improvement, repair, or replacement will occur. Upon the completion or abandonment of any object for which the Capital Improvement, Repair, or Replacement Fund, or should any surplus monies remain after the completion or abandonment of any object for which the Capital Improvement, Repair, or Replacement Fund was inaugurated, then such funds no longer necessary for capital improvement, repair, or replacement shall be transferred into the general corporate fund of the municipality on the first day of the fiscal year following such abandonment, completion, or discovery of surplus funds.
(Ord. 897, passed 4-1-96)