The local government board shall adopt, and may from time to time amend, reasonable
rules and regulations for capital budgets. Regulations may classify the type of budget required, according to the size of the
local unit, the nature of the capital projects or any other reasonable basis of distinction,
and shall require a statement of capital undertakings underway or projected for a
period not greater than over the next ensuing 6 years as a general improvement program.
After promulgation of regulations by the local government board, the governing body
shall expend or incur obligations for capital purposes only after the adoption of
a capital budget and in accordance with such budget except for the preliminary expense
of plans, specifications and estimates.
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