Chapter 8.40
BOROUGH DEBT AND BONDS

Sections:

8.40.010    Application to debt service fund.

8.40.010 Application to debt service fund.

A. Unless the assembly by ordinance specifically provides otherwise, each ordinance providing that a bond proposition be submitted to the voters shall incorporate or is deemed to have incorporated the following clause: “Any balance remaining in the capital projects fund after the completion of the construction shall be transferred into the debt service fund.”

B. In any ordinance, past, present, or future, that incorporates such a clause, or a similar clause, or is deemed to have incorporated such a clause, construction is deemed completed 60 days after the expiration of the warranty or correction periods contained in all contract documents for the capital projects. If the contract documents pertaining to the capital project do not contain a warranty or correction period, then construction is deemed completed 425 days after the borough assumes occupancy of the project. Production of artwork is deemed completed one year after completion of construction. (Ord. 89-003 § 2, 1989; Ord. 86-085 § 3, 1986. 2004 Code § 3.55.010.)