[HISTORY: Adopted by the City Council of the City of Monessen as indicated in article histories. Amendments noted where applicable.]
Article I Capital Reserve Fund
[Adopted 3-18-2009 by Ord. No. 3-2009]
A fund is hereby created as the Capital Reserve Fund of the City, such fund to be used for anticipated capital expenditures at the direction of Council.
Moneys in the fund shall be used from time to time for and on account of:
The construction, purchase or replacement of or addition to municipal buildings, equipment, machinery, motor vehicles or other capital assets;
The construction, reconstruction and replacement of highways, underpasses, overpasses and highway facilities;
Refuse disposal facilities;
Bridges, road improvements, sidewalks, general government buildings, parks, swimming pools and other recreational facilities, public safety facilities, including, but not limited to, streetlighting, fire alarm systems and traffic signals;
The purchase of general real or personal property, independently or in conjunction with any urban renewal or redevelopment program or project authorized by the City and the preparation and/or improvement of such real or personal property for any legal purpose.
Moneys for the fund may be appropriated from the general funds of the city or from any other source authorized by the Third Class City Code or other applicable law pertaining to the same, and any moneys in the fund when invested shall be invested in securities as prescribed by law as legal investments for sinking funds for the City.
Editor's Note: See 53 P.S. § 35101 et seq.
The Director of Accounts and Finance shall cause to be prepared a capital reserve budget consisting of anticipated revenues and/or capital improvement appropriations and shall cause the same to be presented to Council for approval.
The Capital Reserve Fund may be used for capital expenditures other than the purposes specified above if Council by a four-fifths vote shall declare that the above-stated purposes have become impracticable, inadvisable or impossible, or that conditions have arisen in the City which make other capital expenditures, not specified within this article, more urgent than those for which the fund was specifically created.
Before the end of the current fiscal year, Council or its authorized representative shall have the power to authorize the transfer from the Capital Reserve Fund to the General Fund any amounts paid from the General Fund for expenditures for the capital expenditures of the City described above, or otherwise authorized by this article. Any such transfer shall first be substantiated by an itemization of the date of the expenditure, description and amount.
This article shall become effective immediately upon its enactment, and shall be retroactive to December 31, 2008.