(A) Any asset purchased by the town with a value in excess of $2,000 shall be determined to be a fixed asset of the town.
(B) The Clerk-Treasurer shall maintain a record of all of the fixed assets of the town with their date of purchase and value at the time of purchase.
(C) Repairs to any fixed assets in the amount of $2,000 or more, extending the life of such asset for more than one year, shall be an additional fixed asset of the town.
(D) The Clerk-Treasurer shall maintain a record of any and all repairs to fixed assets in excess of $2,000 which extends the lifetime of a fixed asset for more than one year, by recording the date and description of the repair and the asset upon which the repair was performed.
(E) Inventoried assets are those valued at $500 through $1,999.99 and are recorded for inventory purposes only.
(Ord. 2000-3, passed 2-28-00; Am. Ord. 2006-8, passed 4-24-06)