9-21-14.1. Accumulation of funds for capital outlay purposes--Maximum amount.
The governing body of a municipality may by resolution authorize the accumulation of funds for a period longer than one year for specific capital outlay purposes otherwise authorized by law. For the purpose of this section, capital outlay purposes means purposes which result in the acquisition of or additions to plant, or equipment, including expenditures for land, existing facilities, improvement of grounds, construction of facilities, additions to facilities, remodeling of facilities, or for the purchase of equipment. The governing body shall establish a maximum amount allowed to be accumulated in the fund.
Source: SL 1979, ch 55, §1; SL 1980, ch 68, §1; SL 1989, ch 75, §1; SL 2016, ch 53, §2.