Council shall create and maintain a Capital Improvement Reserve Fund and during the last two months of any fiscal year may transfer to this fund monies accruing to any other fund of this Municipality and available for transfer under the general laws of the State. In addition, Council may, by affirmative vote of two-thirds of all its members, authorize transfer to this fund of all or any part of the unencumbered balance remaining in the general fund of the Municipality at the end of the fiscal year.
Monies in this Capital Improvement Reserve Fund shall not be expended for any purpose except to finance public improvements and/or equipment needed for the use of the Municipality. Such improvements or equipment shall have a minimum useful life expectancy of three years. Monies in the fund may not be later transferred to any other fund.