As used in this article, the terms "capital improvement", "capital
outlay" or "project," shall mean: (a) Any physical public betterment
or improvement or any preliminary studies or surveys relative thereto:
(b) the acquisition of property of a permanent nature; and (c) the
purchase of equipment for any public betterment or improvement when
first erected or acquired.
The Mayor shall annually submit to the City Council, together with the general budget submitted by him as required by General Laws, chapter 44, section 32, a six year program of capital improvements to be undertaken by the City, together with the estimated costs of carrying out such program. The estimated costs of the project or projects to be undertaken during the first year of such period, and the portion required from revenue funds to become eligible for borrowing, shall be included in the budget according to type of projects and pursuant to sections 7 and 8 of chapter 44 of the General Laws.
The auditor, treasurer, Board of assessors and members of the finance committee of the City Council shall assist the Mayor in the preparation and development of such program under his direction and in accordance with such fiscal policies as from time to time may be determined by him. Such program shall be referred under General Laws, chapter 41, section 81E to the planning Board of the City for its investigation, report and recommendation prior to submission, under section 2-123.
The capital outlay program, as submitted by the Mayor, shall
be tabulated separately is to amounts, cost per year until complete
liquidation of debt and interest charges.
