Section 99-G. Capital program

1. Any municipal corporation, by resolution
  or ordinance of the governing board,  may  undertake  the  planning  and
  execution of a capital program in accordance with the provisions of this
  section.
    2.  A  capital program shall be a plan of capital projects proposed to
  be undertaken during a six-year period, the estimated cost  thereof  and
  the proposed method of financing.
    3.  The  officer  charged with the preparation of the tentative budget
  shall annually cause the capital  program  to  be  prepared,  and  shall
  submit  it to the governing board with the tentative budget. It shall be
  arranged in such manner as to indicate the order  of  priority  of  each
  project, and to state for each project:
    (a) a description of the proposed project and the estimated total cost
  thereof;
    (b)  the  proposed method of financing, indicating the amount proposed
  to be financed by direct budgetary  appropriation  or  duly  established
  reserve  funds;  the  amount,  if any, estimated to be received from the
  federal and/or state governments; and the amount to be financed  by  the
  issuance   of  obligations,  showing  the  proposed  type  or  types  of
  obligations, together with the period of probable usefulness  for  which
  they are proposed to be issued;
    (c)  an  estimate  of  the effect, if any, upon operating costs of the
  municipal corporation within each of the three  fiscal  years  following
  completion of the project.
    4.  The  tentative  budget  shall  include the amount proposed for the
  capital program to be financed by direct budgetary appropriation  during
  the fiscal year to which such tentative budget pertains.
    5.  There  shall  be included in the budget message, if any, a general
  summary of the financial requirements for the capital  program  for  the
  fiscal  year  to  which the budget message relates.  Additional comments
  and recommendations of any other board, officer or agency  may  also  be
  included in the budget message.
    6.  The governing board shall annually adopt the capital program after
  review and revisions, if any. The provisions of any law  relating  to  a
  public  hearing  on  the  tentative  budget,  and to the adoption of the
  budget, shall apply to the capital program.
    7. At any time during the fiscal year for which  the  capital  program
  was  adopted,  the governing board by the affirmative vote of two-thirds
  of its total membership,  may  amend  the  capital  program  by  adding,
  modifying  or  abandoning  the  projects, or by modifying the methods of
  financing. No capital project shall be authorized or  undertaken  unless
  it is included in the capital program as adopted or amended.
    8. The term "capital project" as used in this section shall mean:  (a)
  any   physical   betterment   or   improvement,  including  furnishings,
  machinery, apparatus  or  equipment  for  such  physical  betterment  or
  improvement  when  first constructed or acquired, or (b) any preliminary
  studies and surveys relating to any physical betterment or  improvement,
  or  (c)  land  or rights in land, or (d) any combination of (a), (b) and
  (c).
    9. Nothing in this section shall be construed to authorize a municipal
  corporation to incur indebtedness for which obligations  may  be  issued
  except as provided by the local finance law.