There is hereby created a special fund to be known as the Capital Reserve Fund which shall, from time to time, be used in whole or in part for the construction, reconstruction, purchase or replacement of, or addition to, municipal buildings, public works, equipment, machinery, motor vehicles or other capital assets. The Fund shall consist of unexpended balances of other funds which may be transferred to the Fund, with the approval of the State Tax Commissioner, at the end of the fiscal year, and any other moneys authorized by law to be used for the purposes of the Fund, which may be transferred at any point in the fiscal year. Expenditures shall be made from the Fund only in accordance with an appropriation made pursuant to the annual budget.
If the Fund accumulates its capital reserve for more than two years, the proceeds of the Funds shall be transmitted to the State Sinking Fund Commission on or before the first day of September of each year. The proceeds of the Fund may be withdrawn from the sinking fund upon reasonable notice by the Municipality thereto.
This section is enacted pursuant to the authority granted by West Virginia Code 8-13-19.
(Ord. 9077. Passed 4-14-87.)