(a) There is hereby created a fund to be known as the Road Capital Fund. All funds received from transfers from the General Fund of the Village, sales of Village notes and bonds and designated and accepted by Council for the purpose of planning construction, reconstruction and maintenance of Village roads as hereinafter provided shall be paid into the Road Capital Fund. The Clerk-Treasurer shall make payments from such Fund upon presentation of proper documentation for disbursement from such Fund in accordance with law; such disbursement shall be made for the purposes hereinafter provided.
(b) Disbursements from the Road Capital Fund shall be for the purpose of acquisition of interests in real property, construction, reconstruction and maintenance of Village roads, including engineering and all reasonable and necessary expenses for such construction, reconstruction and maintenance, including, but not limited to, acquisition of machinery and/or equipment, real property improvements, financing and/or loan costs or payments and including such other and proper disbursements for road improvements and maintenance as Council, may in its discretion, determine.
(c) No contract to be funded by disbursements from the Road Capital Fund shall be let without prior approval of Council and specific appropriation and encumbrance of funds in the Village treasury properly credited to the Road Capital Fund.
(d) The Clerk-Treasurer is hereby authorized and directed to make application to the Bureau of Inspection of the State of Ohio for the approval of the creation of the Road Capital Fund, pursuant to the provisions of Ohio R.C. 5705.12.
(Ord. 1991-16. Passed 9-9-91.)