(a) There is hereby created a fund to be known as the Capital Improvements Fund. All funds received from estate or inheritance taxes, proceeds from the sales of Village notes and bonds, and transfers from the General Fund of the Village and accepted by the Council for the purpose of planning and construction of capital improvements as hereinafter provided shall be paid into the Capital Improvements Fund. The Clerk-Treasurer shall make payments from such funds upon presentation of proper documentation for disbursement from such fund in accordance with law; such disbursements shall be made for the purposes as hereinafter provided.
(b) Disbursements from the Capital Improvements Fund shall be for the purposes of the acquisition or lease of real property, construction and re-construction of Village streets, including engineering and all proper expenses for such construction and re-construction, real property improvements, building construction, loan payments, purchase of capital equipment having an estimated life or period of usefulness of five (5) years or more, and including such other proper and lawful disbursements as Council may, in its discretion, determine.
(c) No contracts to be funded by, or equipment to be purchased with, disbursements from the Capital Improvements Fund shall be let or made without prior approval of Council and specific appropriation and encumbrance of funds in the Village treasury properly credited to the Capital Improvements Fund. (Ord. 2014-16. Passed 12-8-14.)