(A) An account is established for the deposit of monies for the purpose of purchasing or making major repairs to equipment owned by the City of Madison. The monies will come from donations, appropriations from city accounts, or from any other lawful source.
(B) The account shall be named the Equipment Reserve Fund and all funds contained in the account shall be expended only for the exclusive purpose of financing the expenses directly related to the purchase, replacement, major repairs, matching funds for grants or debt service for city equipment.
(C) Equipment that may be considered for expenditures from the Fund may be any new or used equipment subject to being capitalized and may include rolling stock vehicles and equipment, lifts, IT equipment to include communication equipment and computer hardware and software, and any repair of existing equipment exceeding $10,000.
(D) Expenditures from the Fund may be made to match grants and for debt service for lease/purchase agreements or other debt instruments on qualified equipment as defined in division (C) above.
(E) The express and written approval of the Board of Works and Safety shall be obtained prior to the expenditure of funds from the account.
(F) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(G) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(Ord. 2014-16, passed 11-5-14)