A. In the preparation of the budget by the Budget Officer, an amount not too exceed three percent (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 replacement of specific types of municipal 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 project, or in the event any surplus monies remain after the completion or abandonment of any project for which the Capital Improvement, Repair or Replacement Fund was instituted, then such funds no longer necessary for capital improvement, repair or replacement shall be transferred to the general corporate fund of the Village on the first day of the fiscal year following such abandonment or completion, or discovery of surplus funds.