ORDINANCE 3 , 2004
AN ORDINANCE ESTABLISHING AN EQUIPMENT REPLACEMENT FUND.
WHEREAS, THE TOWN OF BUNKER HILL ON OCCASION MUST REPLACE CERTAIN EQUIPMENT THAT IS WORN OUT AND PAST ITS USEFULNESS; AND
WHEREAS, WITHOUT FUNDS SET ASIDE FOR THIS PURPOSE, PLACES THE TOWN IN FISCAL CRISIS; AND
WHEREAS, IT IS THE TOWN COUNCILS RESPONSIBILITY TO PRECLUDE SUCH EVENTS; AND
THEREFORE, BE IT ORDAINED THAT THE TOWN COUNCIL OF THE TOWN OF BUNKER HILL ESTABLISHES SUCH A FUND.
ARTICLE I. TITLE. This ordinance shall be known as the "Equipment Replacement Fund" of Bunker Hill, Indiana.
ARTICLE II. PURPOSE. The purpose of this fund is to ensure that sufficient funds are available when needed to replace outdated or worn out equipment.
ARTICLE III. INCLUDED EQUIPMENT. All equipment owned by the Town of Bunker Hill with a replacement value in excess of one thousand dollars ($1,000.00) and/or a life expectancy of five (5) years or more as listed in the Fixed Asset Account Group is included in this ordinance.
ARTICLE IV. FUNDING. Each item of equipment in said Fixed Asset Account Group shall have a sum appropriated annually of not less than the replacement value of the item, divided by its life expectancy, until said life expectancy has expired.
ARTICLE V. DISBURSEMENTS. Disbursements from this fund shall be used only for the purchase of replacement equipment and is subject to the same appropriation process as any fund receiving tax monies and shall not be used to reduce the actual or maximum permissible levy of the Town of Bunker Hill and is therefore designated as a non-reverting fund.
ARTICLE VI. APPROVAL. THIS ORDINANCE WAS DULY ADVERTISED AND
APPROVED BY THE TOWN COUNCIL OF THE TOWN OF BUNKER HILL, MIAMI
COUNTY, INDIANA AFTER A PUBLIC HEARING ON THE
ATTEST: Norman McBride, Clerk/Treasurer |
Leslie H. Briggs, President
|
|
|
|