A. A Vehicle/Equipment Replacement Fund is created for the purpose of ensuring timely acquisition and replacement of city vehicles and other capital equipment to be administered as set forth in this section.
B. Each adopted budget of the city may, depending on funding capabilities, contain a transfer from various funds to the vehicle/equipment replacement fund in an amount based upon appropriate life cycles and acquisition costs.
C. Moneys transferred into the Vehicle/Equipment Replacement Fund shall be expended solely for the purpose of purchasing and/or replacing motor vehicles and other capital equipment owned by the city.
D. The City Council may approve transfer funds from the Vehicle/Equipment Replacement Fund to any other fund of the city. The approval shall set forth the purpose of the transfer, the use for which the funds shall be expended, and the circumstances requiring the transfer.
E. In addition to such transfers as are provided for at subsection B of this section, the City Council may allocate or transfer additional sums to the Vehicle/Equipment Replacement Fund from such other sources as the Council deems appropriate.
(Ord. 18-1210, passed 12-11-2018; Ord. 12-1085, § 18, passed 9-25-2012; Ord. 89-252, (part), passed - -1989)