There hereby is established the capital replacement fund to be classified as an internal service fund in accordance with 65 Illinois Compiled Statutes 5/8-2-9.5 for the purpose of allocating resources to acquire and replace capital vehicles and equipment or other purposes as may be approved from time to time by the mayor and board of trustees.
The capital replacement fund accounts for the acquisition of capital vehicles and equipment for the general fund and/or emergency management fund which cost at least fifty thousand dollars ($50,000.00) with a life expectancy of five (5) years or greater. Acquisitions from the capital replacement fund shall be financed by an annual allocation transferred from the general fund and/or emergency management fund and made a part of and in conjunction with the budget process. Such allocations shall be given priority in the approval of departmental budget requests.
(Ord. 2974, 1-27-2004)