[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.