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(A) Submission to City Council. On or before the first day of October of each year, the City Manager shall prepare and submit to the City Council a five (5)-year capital program.
(B) Contents. The capital program shall include:
(1) A clear general summary of its content;
(2) A list of all capital improvements and other capital expenditures which are proposed to be undertaken during the five (5) fiscal years next ensuing, with appropriate supporting information as to the necessity for each;
(3) Cost estimates and recommended time schedules for each improvement or other capital expenditure; and
(4) The method of financing, upon which each capital expenditure is to be reliant. The above shall be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition.