§ 29.8-7. Capital Program.

 It is the intent of this Charter that the Council adopt long range plans and objectives to provide for the orderly growth of the Municipality. Plans and objectives shall be prepared for public review in the form of the Annual Capital Program Report. Projects, which will result in major additions or changes to the Municipality, such as Recreation and Sanitation facilities or Roadways, shall be included in the program. Such other capital expenditures for equipment with a useful life of less than two (2) years shall be part of the operating budget.

   a. Submission to Council. The Manager shall prepare and submit to the Council a five-year capital program at least three (3) months prior to the final date for submission of the budget.

   b. Contents. The capital program shall include:

     (1)   A clear general summary of its contents;

     (2)   A list of capital improvements which are proposed to be undertaken during the five (5) fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements;

     (3)   Cost estimates, method of financing and recommended time schedules for each such improvement;

     (4)   The estimated annual cost of operating and maintaining the facilities to be constructed or acquired; and

     (5)   The estimated annual amortization costs.

 The above information may be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition.