[Amended 8-17-1978 by Ord. No. 1274; 6-8-2009 by Ord. No.
2776, approved 11-3-2009]
In addition to the provisions under Article XI of the Home Rule Charter, the transfer of funds from one account to another shall be effected through a resolution by the Board of Commissioners at the request of the Mayor or through a resolution initiated by the Board of Commissioners.
[Added 1-10-1983 by Ord. No. 1421]
There is hereby established a fund to known
as a capital reserve fund. The purpose of this fund is to reserve
monies to be used solely for the purpose of acquiring equipment necessary
for the delivery of Township services and for the maintenance of or
addition to the Township's infrastructure including, but not limited
to, Township roads and associated storm sewer systems, equipment,
bridges, traffic lights, buildings and grounds. Any indebtedness incurred
by the Township to fund such equipment or infrastructure shall be
amortized or paid back within the minimum expected service life of
that equipment or infrastructure.
[Added 1-10-1983 by Ord. No. 1421; amended 6-8-2009 by Ord. No.
2776, approved 11-3-2009]
The Board of Commissioners shall annually appropriate
an amount from the Township's General Fund to the capital reserve
fund. This amount shall not be less than the annual depreciation expense
of the Township's motor vehicle fleet. This depreciation expense shall
be calculated annually by the Mayor, or his designee, incorporated
in his proposed annual budget and submitted to the Board of Commissioners.
The annual depreciation expense shall be calculated on a straight
line method and in accordance with generally acceptable accounting
procedures.
