(a) The Recorder shall maintain on file in his office an inventory of all real property owned by or leased to the City. This inventory shall be maintained in current status, and during June of each year shall be revised, as may be appropriate, to show changes in value due to depreciation or to repairs, renovations, etc. For each building or lot such inventory shall also show a brief description; a reference to the deed, devise, lease or other instrument whereby the City acquired title to or the use thereof; the department office or agency charged with custody; the purpose or use; the insurance of all types thereon, together with rates as to premiums payable and anniversary dates; and for property owned by the City and leased to other persons, copies of such leases and appropriate notes as to the revenues derived therefrom.
(b) Each City officer or employee having custody of items of nonexpendable personal property of value greater than twenty-five dollars ($25.00) owned by or leased to the City shall, during June of each year, prepare in duplicate an itemized inventory of such property, showing for each item its value and a brief description, together with identification, by serial number, where applicable; a reference to the instrument, if any whereby title or use was acquired; the department, office or agency having custody; the purpose or use; and the insurance of all types, if any, together with notes as to premiums payable and anniversary dates. The original copy of each such inventory shall be filed in the office of the Recorder and the duplicate copy shall be retained on file in the office of the person who prepared it.
(1976 Code Sec. 2-9)