(a) In the preparation by the Budget Officer of the annual budget, one-half (1/2) of one (1) percentum of 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.'
(b) Expenditures from the Capital Improvement, Repair or Replacement Fund shall be budgeted in the fiscal year in which the capital improvement, repair or replacement will occur.
(c) 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 Village on the first day of the fiscal year following such abandonment, completion or discovery of surplus funds.
(M.C. 1963, § 6.105A; Ord. No. 0-72-5.)