(A) SUBMISSION TO COUNCIL: The Manager shall prepare and submit to the Council a five-year capital program at least one month prior to submission of the budget.
(B) CONTENTS: The capital program shall include:
(1) A clear general summary of its contents;
(2) A list of all capital improvements which are proposed to be undertaken during the five fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements;
(3) Cost estimates, methods of financing, and recommended time schedules for each such improvement; and
(4) The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
The above information may be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition.
(C) CAPITAL IMPROVEMENT RESERVE FUND: Council may create and maintain capital improvements and reserve funds, and may from time to time transfer or appropriate thereto all monies accruing to a corresponding operating fund of the municipality not needed for the purposes of such fund and available for transfer, and also the unencumbered balance remaining in the General Fund of the Municipality at the end of any fiscal year. In no case shall funds be transferred or appropriated between enterprise funds or from any enterprise fund to the general fund, except for purpose of interfund reimbursement. Monies in the capital improvement reserve fund shall not be expended for any purpose except to purchase equipment, apparatus, or other property, or to construct buildings, structures, roads, and other public improvements needed for the use of the municipality, or to pay bonded obligations of the municipality by means of transfer to its bond and interest retirement fund.