(A) There is hereby established an Equipment Fund for the village. The Equipment Fund shall be used for expenses incurred by the village to maintain, repair and replace its equipment and like items of tangible personal property. The Equipment Fund shall be maintained by the use of 10% of that portion of the village income tax which is allocated from the tax for the General Fund.
(B) The Equipment Fund shall be funded from allocations from the General Fund portion of the village income tax. The initial allocation to the Fund shall not exceed $50,000.
(C) The maximum balance contained in the Equipment Fund at any given time shall not exceed $50,000. At the time or times the Equipment Fund balance is $50,000, no revenues from that the portion of the village income tax shall be made to the Equipment Fund and instead shall be deposited in the General Fund, as set forth in Chapter 38 of this code. Whenever expenditures are made from the Equipment Fund, additional funds shall continue to be allocated to the Fund in accordance with the provisions of division (A) of this section until the $50,000 balance is restored.
(D) Whenever the Equipment Fund is severely reduced or depleted, the Fiscal Officer, upon approval of Council, shall replenish the Fund by the amounts as the Council so allocates from the General Fund, if it is determined that the funding allocation under division (A) of this section is inadequate to provide for the village's immediate equipment needs.
(Prior Code, § 37.03) (Ord. 2-01, passed 3-12-2001)