§ 35.32 VALUATION OF CAPITAL ASSETS.

   (A)   Capital assets should be recorded at historical or original cost. Normally, the cost recorded as the purchase price or construction costs of the asset, but also included is any other reasonable and necessary costs incurred to place the asset in its intended location and intended use. Such costs could include the following:

      (1)   Legal and title fees, closing costs;

      (2)   Appraisal and negotiation fees, surveying fees;

      (3)   Damage payments;

      (4)   Land preparation costs, demolition costs;

      (5)   Architect and accounting fees;

      (6)   Insurance premiums during construction;

      (7)   Transportation charges; and

      (8)   Interest costs during construction.

   (B)   Donated or contributed assets should be recorded at their fair market value on the date donated.

(Res. 9, passed 7-20-2004)