The municipal governing body may create a capital improvement fund and place in the fund any money available to the municipality. Money in the fund may be accumulated from year to year. The fund shall be nonfiscal and shall not be considered in computing any levy when the municipality makes its estimate to the excise board for needed appropriations. Money in the capital improvement fund may be expended for any capital improvement.
Laws 1977, c. 256, § 17-109, eff. July 1, 1978; Laws 1991, c. 124, § 4, eff. July 1, 1991.