(A) There is created a capital improvement reserve fund of the village, in accordance with the provisions of § 19 of the Charter of the village. No expenditure from the capital improvement reserve fund shall be made except pursuant to appropriation by the City Council and no such appropriation shall be made except to purchase equipment, apparatus or other property, or to construct buildings, structures, roads and other improvements needed for the use of the village, or to pay obligations of the village by means of transfer to the bond interest and retirement fund of the village.
(B) Council may from time to time transfer into the capital improvement reserve fund any balance in any other fund of the village, not needed for the purpose of such fund, and there shall be transferred to the reserve fund the unencumbered balance remaining in the general fund of the village at the end of any fiscal year.
('80 Code, § 36.06) (Ord. 44-42, passed 12-29-42)