There is created a municipal transit nonreverting capital equipment purchase and replacement fund to be under the control of the board of public works and safety. Moneys in the form of funds budgeted for the municipal capital and/or equipment fund shall be deposited to this fund. Expenditures from this fund may be made without appropriation pursuant to prior approval of the board of public works and safety, and moneys from this fund may be dispersed only on approved claims allowed by the board of public works and safety. (Prior code § 7-42)