Chapter 3.24
CUMULATIVE RESERVE FUND FOR EQUIPMENT PURCHASE

Sections:

3.24.010    Fund created.

3.24.020    Purpose.

3.24.030    Sources – Accumulation of funds.

3.24.040    Operation of fund – Expenditures.

3.24.050    Investments.

3.24.060    Transfer of equipment ownership.

3.24.010 Fund created.

There is hereby created and established in the funds and accounts of the city, a special fund to be known and designated as the “Cumulative Reserve Fund for Equipment Purchase” (together with such numerical designation as shall be assigned the fund by the chief financial officer for accounting and budgetary purposes). (Ord. 399 § 1, 1966).

3.24.020 Purpose.

The fund shall be for the purpose of accumulating funds for the purchase and acquisition of new equipment and the replacement of existing equipment for the various departments, offices and funds of the city, including equipment, material and supplies for the equipment rental fund. (Ord. 399 § 2, 1966).

3.24.030 Sources – Accumulation of funds.

Moneys may be placed in the cumulative reserve fund for equipment purchase in any of the following ways:

(1) By direct appropriation in the annual budget;

(2) By appropriation or budgetary transfer authorized by ordinance from another fund or funds of the city;

(3) By periodic transfers from the equipment rental fund;

(4) From the sale of any equipment owned by the equipment rental fund duly authorized by the City Council.

The moneys in the fund shall be allowed to accumulate from year to year until the City Council shall determine to expend the moneys for the purpose herein specified. (Ord. 399 § 3, 1966).

3.24.040 Operation of fund – Expenditures.

The accounting of the cumulative reserve fund for equipment purchase shall separately show and identify the department, office or fund, including the equipment rental fund, for which funds are received and accumulated in the fund for the purpose herein stated, in order that the various departments, offices and funds of the city may make use of and separately accumulate reserve funds for equipment purchase within one cumulative reserve fund. The moneys in the cumulative reserve fund may be expended only for the purposes stated in Section 3.24.020 and for no other purpose unless there be an approving vote by a majority of the electors of the city at a general or special election voting on a proposal submitted to the electors to allow other specified uses to be made of the fund. (Ord. 399 § 4, 1966).

3.24.050 Investments.

The City Treasurer shall be authorized to invest moneys in the fund not required for immediate expenditures in those investments permitted by law for the investment of municipal funds. (Ord. 399 § 5, 1966).

3.24.060 Transfer of equipment ownership.

The cumulative reserve fund for equipment purchase shall be used only as a reserve fund for the accumulation of moneys with which to carry out the purposes of the fund and shall own no equipment as such. All equipment purchased by the fund from accumulated reserves on behalf of any department, office or fund, including the equipment rental fund, shall immediately be transferred to and become the property of the proper department, office or fund for which the purchase was made. In order to facilitate the trade-in or exchange of old equipment in the purchase of new equipment, the old equipment may be transferred to the cumulative reserve fund for equipment purchase to be sold or otherwise used in the purchase of new equipment. (Ord. 399 § 6, 1966).