(A) Re-established. There is hereby re-established and continued in the town a Capital Reserve Fund. The purpose of the Capital Reserve Fund is to allow the expenditure of funds, subject to the approval by Council, for the acquisition of property, construction, reconstruction, purchase, or replacement of, municipal buildings, parks, equipment, or municipal police protection or other capital assets.
(B) Transfer to Fund. Council may in the initial approved annual budget, or at any time through a budget revision subject to approval of the Tax Commissioner, transfer funds into the Capital Reserve Fund.
(C) Transfer back to general fund. If it is deemed to be necessary or convenient, the Mayor may, with Council’s prior approval, direct the transfer back to the general fund, at any time, any funds accumulated in the Capitol Reserve Fund.
(D) Expenditures from Fund. Expenditures from the fund shall be made only in accordance with the approval of the Council.
(Ord. 99-04, passed 11-8-1999)