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(A) Any machinery, equipment, or other property purchased or owned by the town and/or its utilities which has a life of one year or more and a value of $500 or more shall be included on the town’s asset inventory.
(B) All such machinery, equipment, or other property that qualifies for the town’s asset inventory shall be depreciated as allowed by law and/or as determined by the town’s accountant or tax advisor.
(2000 Code, § 3–5) (Ord. 2000-01, passed 1-11-2000)