Withdrawals from a capital reserve fund may be authorized by resolution or ordinance
of the governing board of the local government or public authority. No withdrawal may be authorized for any purpose not specified in the resolution
or ordinance establishing the fund or in a resolution or ordinance amending it. The withdrawal resolution or ordinance shall authorize an appropriation from the
capital reserve fund to an appropriate appropriation in one of the funds maintained
pursuant to G.S. 159-13(a). No withdrawal may be made which would result in an appropriation for purposes for
which an adequate balance of eligible moneys or investment securities is not then
available in the capital reserve fund.
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