§ 14984.2. Capital reserve fund for anticipated capital expenditures.

219 words·~1 min read·/pa/title-16/chapter-149/14984-2

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(a)Capital reserve fund.-- The county commissioners shall have the power to create and maintain a separate capital reserve fund for anticipated legal capital expenditures. Money in the fund shall be used for the construction, purchase or replacement of or addition to county buildings, equipment, machinery, motor vehicles or other capital assets of the county.

(b)Deposits.-- The county commissioners may annually appropriate money from the general county fund, not to exceed 10% of a county's operating budget, to be paid into the capital reserve fund or place in the fund any money received from the sale, lease or other disposition of county property or from any other source unless received or acquired for a particular purpose.

(c)Administration of fund.-- The fund shall be controlled, invested, reinvested and administered and the money and income from the fund expended for any purpose for which the fund is created, as may be determined by the county commissioners. The money in the fund, when invested, shall be invested in a manner consistent with the provisions of section 14906 (relating to investment of money). This subsection may not be construed to limit the powers of the county to the use of money in the capital reserve fund in making lawful capital expenditures.

16c14984.3s