§ 7.07. Lapse of appropriations.

Latest version.

Every appropriation, except an appropriation for a capital expenditure, shall lapse at the close of the fiscal year to the extent that it has not been expended or encumbered. An appropriation for a capital expenditure shall continue in force until the purpose for which it was made has been accomplished or abandoned. The purpose of any such appropriation for a capital expenditure shall be deemed abandoned if three (3) years pass without any expenditure from, or encumbrance of, the appropriation concerned.

                    
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