[HISTORY: Adopted by the Borough Council of the Borough of Middletown 4-4-2023 by Ord. No. 1403, approved 4-4-2023. Amendments noted where applicable.]
There shall be established in the Borough of Middletown (hereinafter the "Borough") a Public Works Vehicle and Equipment 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(22) for the appropriation of funds for the purchase of capital assets of the Borough. The Borough shall set aside money in the Public Works Vehicle and Equipment Fund for the purchase of vehicles and equipment that may arise in the course of Borough operations. The administration, control, investment and expenditure of the Public Works Vehicle and Equipment Fund by Borough Council shall be in accordance with this chapter.
A. 
Deposits. The Public Works Vehicle and Equipment Fund shall be funded by annual contributions from the Borough's General Fund, when possible, in accordance herewith. A transfer from the General Fund to the Public Works Vehicle and Equipment Fund shall be made in each year that there is an end-of-year surplus after all required allocations have been designated. A transfer, as determined by Borough Council, equal to up to 10%, but not to exceed $50,000, of the available 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. Nothing herein is to be construed as imposing a duty on the Borough to allocate revenue to the Public Works Vehicle and Equipment Fund in any year.
B. 
Expenditures. Funds of the Public Works Vehicle and Equipment Fund shall be for the purchase and maintenance of Borough equipment and vehicles for Public Works operations as approved by Borough Council. Such expenditures, which may be paid from principal and interest, 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,[1] expenditures from the Public Works Vehicle and Equipment Fund shall be in the manner as may be determined by action of Council as authorized under this chapter.
[1]
Editor's Note: See 8 Pa.C.S.A. § 1313.1.
C. 
Investments. Money deposited into the Vehicle and Equipment Fund shall be subject to the investment rules governing Borough funds set forth under Pennsylvania law, including 8 Pa. C.S.A. § 1316, Investment of Funds.