Section 56579.33 - Capital reserve fundThe board of commissioners may create and maintain a separate capital reserve fund for anticipated legal capital expenditures and the following shall apply:
(1) The fund shall be designated for a specific purpose or purposes when created.(2) The money in the fund shall be used for the construction, purchase or replacement of or addition to municipal buildings, equipment, machinery, motor vehicles or other capital assets of the township as specified at the time of the creation of the fund and for no other purpose unless the commissioners by a four-fifths vote declare that the original purpose or purposes have become impracticable, inadvisable or impossible, or that conditions in the township make other capital expenditures more urgent than those for which the fund was created.(3) The board of commissioners may appropriate money from the general township fund to be paid into the capital reserve fund, or place in the fund any money received from the sale, lease or other disposition of any township property or from any other source unless received or acquired for a particular purpose.(4) The fund shall be controlled, invested, reinvested and administered and the money and any income derived from it expended for any of the purposes for which the fund is created in a manner determined by the board of commissioners.(5) The money in the fund, when invested, shall be invested in securities designated by 53 Pa.C.S. Pt. VII Subpt. B (relating to indebtedness and borrowing) as legal investments for sinking funds of municipalities.1931, June 24, P.L. 1206, No. 331, art. XV, § 1502.33, added 2020, Oct. 29, P.L. 782, No. 96, § 55, effective in 60 days [Dec. 28, 2020].