[HISTORY: Adopted by the Board of Commissioners of the Township
of Manheim 12-12-1988 by Res. No. 1988-51 (Part 3, Ch. 4, of
the 1976 Code of Ordinances). Amendments noted where applicable.]
A separate capital reserve fund ("capital reserve fund") is
hereby created and shall be maintained for any and all legal capital
expenditures of the Township, the moneys in the capital reserve funds
to be used, from time to time, for the construction, purchase or replacement
of or additions, improvements or extraordinary repairs to municipal
buildings, equipment, machinery, motor vehicles, land, easements or
land rights and any and all other capital assets or projects of or
undertaken on behalf of the Township, including, without limitation,
use of such money in payment of debt service on bonds or other obligations
issued by the Township to fund any such capital projects.
The Board may appropriate funds from general Township funds
to be paid into the capital reserve fund or cause to be placed in
the capital reserve fund any moneys received from the sale, lease
or other disposition of any Township property, proceeds of bonds or
other obligations of the Township issued to fund capital projects
or moneys from any other source (provided that such moneys or proceeds
were not specifically received for a particular purpose not encompassed
in or intentionally excluded from the capital reserve fund).
Moneys in the capital reserve fund, when invested, shall be
invested in securities designated by law as legal investments for
sinking funds of municipalities, and the moneys in the capital reserve
fund, including investment income thereon, shall be expended on such
capital projects, including debt service on bonds or obligations of
the Township issued to fund such capital projects, as the Board shall
determine.
