(A) Pursuant to the authority granted by G.S. § 160-425, there is hereby created and established a Capital Reserve Fund to be maintained in addition to all other funds now authorized by law.
(B) Moneys appropriated and paid into the Capital Reserve Fund shall be expended only for those purposes as set out in G.S. § 160.432(1), (2), (4), (5), (7), and (9).
(1) All of the foregoing purposes in division (B) above declared to be necessary expenses and the cost thereof shall be deemed to include land, easements, rights in land, water rights, contract rights, franchises, and equipment used or useful in connection with the said purposes.
(2) All money deposited in accordance with the provisions of this section shall be secured as provided by G.S. § 159-28 of the Local Government Act.
(C) Moneys appropriated and paid into the Capital Reserve Fund may be invested from time to time as prescribed by G.S. § 160-431 and 159-28.1.
(Ord., passed 7-27-72)
Statutory reference:
The statutes cited in this section have been repealed and/or replaced. For current provisions regarding capital reserve funds, see G.S. §§159-18 through 159.22