Funds appropriated to the CIP account may be utilized for the following purposes only, and for no others:
(A) To pay the costs and expenses of any qualified capital improvement project, including but not limited to:
(1) Costs and expenses of negotiations, evaluation, studies, appraisals, etc., associated with the acquisition of property.
(2) Costs and expenses associated with studies, analysis, evaluations and reports concerning the need or feasibility of any particular capital improvement projects, including costs associated with identifying or securing other funding sources.
(3) Pre-acquisition or pre-construction engineering, legal, environmental, planning, architectural, surveying, accounting, regulatory and permitting costs.
(B) To provide short term financing of projects for which funding is ultimately derived from other sources provided said projects otherwise qualify as capital improvement projects, and to pay debt service relating to same.
(C) Upon resolution of the Town Council to perform any emergency repair, replacement or reconstruction of any building, structure, facility or improvement when the life and safety of the general public is in danger, or it is otherwise necessary to insure the immediate preservation of public peace, property, health or safety.
(Ord. passed 10-20-03)