(a) Creation. There is hereby created a separate fund to be known as the Capital Reserve Fund for municipal purposes, including the accumulation of funds for the construction, purchase or replacement of or addition to City buildings, equipment, machinery, motor vehicles or other capital assets of the City.
(b) Deposits. All moneys, now or hereafter budgeted and appropriated for the purposes of such Fund shall be deposited in the Fund.
(c) Accumulations. For the purpose of accumulating such Fund, Council is hereby authorized to appropriate each year at the time of making and adoption of the annual City budget an item of moneys for such Fund and to include such item in the annual budget. Council may also from time to time appropriate and transfer moneys from the General Fund to the Capital Reserve Fund, and may also place in such Fund any moneys received from the sale, lease or other disposition of any City property, or from any other source unless received or acquired for a particular purpose.
(d) Surplus Funds. Any moneys in the Fund at the end of the fiscal year, shall not lapse, nor shall the same be used for any other purpose than that specified herein, except as expressly provided by Act of June 23, 1931 P. L. 932 (as amended by June 28, 1951, P. L. 662) Section 2403, Clause 1.1 (53 P.S. §37403 clause 1.1).
(Ord. 54-1963 § 1-4.)