(a) The Recorder shall maintain on file in his office an inventory of all real property owned or leased to the Town, including rights of way and easements. This inventory shall be maintained in current status, and during January of each year shall be revised, as may be appropriate, to show changes in value due to depreciation or repairs, renovations, etc. For each building or lot, or right of way or easement, such inventory shall show:
(1) A brief description;
(2) A reference to the deed, devise, lease or other instrument whereby the Town acquired title to or the use thereof;
(3) The department, office or agency charged with custody;
(4) The purpose or use;
(5) The insurance of all types thereon, together with notes as to premiums payable and anniversary dates; and
(6) For property owned by the Town and leased to other persons, copies of such leases and appropriate notes as to the revenues derived therefrom.
(b) Each Town officer having custody of items of nonexpendable personal property of value greater than twenty-five dollars ($25.00) owned by or leased to the Town shall, during January of each year, prepare in duplicate an itemized inventory of such property, showing for each item:
(1) Its value and a brief description, together with identification (by serial number, where applicable);
(2) A reference to the instrument, if any, whereby title or use was acquired;
(3) The department, office or agency, having custody;
(4) The purpose or use; and
(5) 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 before February 1, of each year, and the duplicate copy shall be retained on file in the office of the person who prepared it.
(1973 Code §2-35)