[Adopted 12-2-1957 by Ord. No. 393 (Ch. I,
Secs. 112 to 117, of the 1962 Code)]
Pursuant to the provisions of the Act of Assembly of the Commonwealth of Pennsylvania of May 4, 1927, P.L. 519 Article XII, section 1202, as amended, there be and hereby is created a separate capital reserve fund for anticipated legal capital expenditures.
The money appropriated and paid into said fund
shall be used, from time to time, for the construction, purchase or
replacement of or addition to municipal buildings, equipment, machinery,
motor vehicles or other capital assets of the Borough and for no other
purpose.
There be and is hereby appropriated to and directed
to be paid into said fund all balances remaining after payment in
full of the principal and interest of all bonds secured thereby in
Sinking Fund "F" Street Improvement Ordinance No. 253, of July 1,
1923, and Sinking Fund "G" Street Improvement Ordinance No. 286, of
August 1, 1928, together with interest accrued upon said balances.
Council may hereafter appropriate moneys from
the general Borough funds to be paid into said capital reserve or
other disposition of any Borough property or from any other source,
unless received or acquired for a particular purpose.
The funds shall be controlled, invested, reinvested,
and administered and the moneys therein and income from such moneys
expended for any of the purposes for which the fund is created in
such manner as may be determined by Council.
The money in the fund, when invested, shall
be invested in securities designated by law as legal investments for
sinking funds of municipalities.
