Chapter 3.16 EQUIPMENT RESERVE FUND

3.16.010 Equipment reserve fund created.

Pursuant to authorization of SDCL 9-21-31, an Equipment Reserve Fund is created. (Ord. 388 § 1, 1994)

3.16.020 Need for equipment replacement.

There is a need for replacement of equipment, therefore, a cash reserve for equipment replacement is established. (Ord. 388 § 2, 1994)

3.16.030 Fund based on percentage of value of assets.

The amount so created shall not exceed fifty (50) percent of the value of the general fixed assets. (Ord. 388 § 3, 1994)

3.16.040 Cash transfers.

The governing body may by resolution transfer surplus cash for funding the equipment reserve account. (Ord. 388 § 4, 1994)