(a) Submission to Council. The City Manager shall prepare and submit to the Council a five-year capital program at least three months prior to the final date for submission of the budget.
(b) Contents. The capital program shall include:
1. A clear general summary of its contents;
2. A list of all capital improvements which are proposed to be undertaken during the five fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements;
3. Cost estimates, method of financing and recommendation of time schedules for each such improvement; and
4. The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
(c) Notice and Hearing. The Council shall publish in one or more newspapers of general circulation in the City a notice stating:
1. The times and places where copies of the capital program are available for inspection by the public, and
2. The time and place, not less than two weeks after such publication, for a public hearing on the capital program.
(d) Adoption. The Council by resolution shall adopt the capital program with or without amendment after the public hearing and on or before the date of submission of the budget.
(e) Revision and Extension. The adopted capital program may be revised and extended each year with regard to capital improvements which are still pending or in process of construction or acquisition.