(A) Water and sewer.
(1) The purpose of this division (A) is to establish a capital reserve account to be called Capital Reserve Account I to reserve funds for repairs, modifications, expansion and capital improvements to the town's water and sewer facilities and system.
(2) Funds for Capital Reserve Account I may be appropriated from any other fund of the town consistent with any limitations imposed by the General Statutes and from those fees received pursuant to the ordinance adopted by the town on January 4, 1985 establishing impact fees.
(3) Capital Reserve Account I will be used principally for repairs, modifications, expansion and capital improvements to the water and sewer facilities and system. Capital improvements and major repairs are defined by cost and expected duration of use of the improvement or repair. A cost of more than $500 or a life expectancy of three years or more will constitute a capital improvement or a major repair.
(4) The total of funds in the account will vary as revenues and expenditures occur. The sum of $250,000 is the suggested amount necessary for the expense of repairs, modifications, expansion and capital expenditures to the water and sewer facilities and system.
(5) Capital Reserve Account I is hereby established for an indefinite period. It is expected that repairs, modifications, expansion and capital improvements of the water and sewer facilities and system will be continuous.
(OC, § 2-4-51) (Ord. passed 6-6-85)
(B) General fund.
(1) The purpose of this division (B) is to establish a capital reserve account to be called Capital Reserve Account II to reserve funds for repairs, modifications, expansion and capital improvements for the town departments in the general fund such as police, fire, streets, parks, administration and the like.
(2) Funds for Capital Reserve Account II may be appropriated from any other fund of the town consistent with any limitations imposed by the General Statutes.
(3) Capital Reserve Account II will be used principally for repairs, modifications, expansion and capital improvements for the departments of the town general fund. Capital improvements and major repairs are defined by cost and expected duration of use of the improvement or repair. A cost of more than $500 or a life expectancy of three years or more will constitute a capital improvement or a major repair.
(4) The total of funds in the account will vary as revenues and expenditures occur. The sum of $250,000 is the suggested amount necessary for the expense of repairs, modifications, expansion and capital expenditures for the departments of the town general fund.
(5) Capital Reserve Account II is hereby established for an indefinite period. It is expected that repairs, modifications, expansion and capital improvements for the departments of the town general fund will be continuous.
(OC, § 2-4-52) (Ord. passed 2-11-88) (Am. Ord. passed 4-13-89)