There is hereby established, under the supervision of the Director of Finance, a Revolving Equipment Fund to provide for the replacement, maintenance, repair, and operating costs of City-owned equipment. For the purpose of this section, operating costs shall not include wages or salaries of equipment operators. To place this Fund in operation, an initial deposit estimated to be equal to the accrued depreciation on equipment in service on the effective date of this Charter is provided in Section 21-D of this Charter.
The costs of replacing, maintaining, repairing and operating City equipment and the administrative costs involved in the operation of this Fund shall be paid from the Revolving Fund which in turn will be reimbursed by means of rental charges from City departments using such equipment. These rental charges shall be transferred to the Revolving Fund from departmental appropriations which shall be provided for that purpose by Council in the annual appropriation ordinance. It shall be the duty of the Director of Finance to establish a schedule of rental rates sufficient to ensure the successful operation of this Fund. Such equipment operating data shall be furnished by department heads as may be required by the Director of Finance to assist in establishing rental rates.
Equipment replacements only may be purchased from this Fund. The purchase of additional equipment must be made from other funds out of direct appropriations for that purpose.
Equipment, for the purpose of this section, shall mean physical property of a more or less permanent nature ordinarily used in carrying on operations, other than buildings, land or improvements to either, or furniture and furnishings of buildings.