[HISTORY: Adopted by the Borough Council of the Borough of Middleton 4-6-2021 by Ord. No. 1376, approved 4-6-2021. Amendments noted where applicable.]
There shall be established in the Borough of Middletown (hereinafter the "Borough") a Fire Apparatus Fund pursuant to the authority set forth in 8 Pa.C.S.A. § 1313.1 for the creation of special funds and investments and the authority set forth under 8 Pa.C.S.A. § 1202(35) for the appropriation of funds for fire companies for the purchase of fire engines and fire apparatus for fire, rescue and lifesaving services within the Borough. The Borough shall set aside money in the Fire Apparatus Fund for the payment of expenses that may arise in the ordinary course and operation of the Borough's Fire Department related to the acquisition of fire and rescue apparatus and associated equipment to be used by the Fire Department of the Borough. The administration, control, investment and expenditure of the Fire Apparatus Fund by Borough Council shall be in accordance with this chapter.
A. 
Deposits. The Fire Apparatus Fund shall be funded by annual contributions from the Borough's General Fund. Transfers shall be made to the Fire Apparatus Fund from the General Fund each year that there's an end-of-year surplus. A transfer equal to 10% of the General Fund's surplus shall be made after receipt by the Borough of the audited financial statements for the fiscal year for which there was a year-end surplus. There shall be no maximum placed on the total Fire Apparatus Fund balance.
B. 
Expenditures. Payments out of the Apparatus Fund shall be for the purchase of fire engines and fire apparatus for fire, rescue and lifesaving services. Such expenditures are those that would result in significant unanticipated revenue shortfalls if paid out of the General Fund. Consistent with Section 1313.1 of the Borough Code, expenditures from the Fire Apparatus Fund shall be in the manner as may be determined by action of Council as authorized under this governing ordinance.
C. 
Investments. Money deposited into the Fire Apparatus Fund shall be subject to the investment rules governing Borough funds set forth under 8 Pa.C.S.A. § 1316, Investment of Funds.