All of the money contained in or appropriated to the capital improvement program fund is hereby earmarked for the replacement or acquisition of property, plant, and equipment costing in excess of five thousand dollars ($5,000.00) and with a life expectancy of five (5) years or more. (Ord. 1586, 6-18-1990)
The city commission may on an annual basis and in accordance with the budgeting process, expend any portion or all of the money contained in the capital improvement program fund for the purchase or acquisition of the items described above. Such money shall not be spent or expended otherwise. (Ord. 1586, 6-18-1990; amd. Ord. 1664, 1-3-2000)
Eligible expenditures could consist not only of a single item of property, plant, and equipment costing greater than five thousand dollars ($5,000.00); but could also consist of like items which individually cost less than five thousand dollars ($5,000.00), but collectively cost greater than five thousand dollars ($5,000.00); provided, however that the individual like items are typically or usually replaced or acquired collectively. (Ord. 1586, 6-18-1990)
The eligibility of expenditures shall be in the sole discretion and judgment of the city commission. (Ord. 1586, 6-18-1990; amd. Ord. 1664, 1-3-2000)