[HISTORY: Adopted by the Collier Township Municipal Authority as indicated in article histories. Amendments noted where applicable.]
Article I Capital Reserve Emergency Repair Account
[Adopted 8-9-2001 by Res. No. 08-09-01-02; as amended 11-9-2006 by Res. No. 11-09-06-01]
In order to allow for inflation and cost increases, the Collier Township Municipal Authority ("Authority") directs that each November, beginning in November of 2006, an amount equal to 5% of the then-current balance in the Restricted Investment Account (Capital Repair Reserve Account) shall be transferred from the general operating account of the Authority so that the Capital Repair Reserve Account balance of restricted investments can be increased to allow for inflation and cost increases.
Prior to utilization of the restricted assets in the Capital Repair Reserve Account, the Authority will hold a public meeting with public notice on the proposed use of said reserve account.
A copy of the amended resolution is to be provided to the independent auditor for implementation in the independent auditor's report of the Authority for years 2006 and forward.