A. End Of Service Life: When a city asset exceeds its service life, as reasonably determined by the city, or is destroyed through no fault of the city, the asset and its associated name may be removed.
B. Extension: A named asset that has exceeded its service life may thereafter remain in service only if:
1. Such remaining in service is approved by the city pursuant to an asset naming agreement; and
2. The asset naming agreement:
a. Specifies the length of time that the asset name may be used; and
b. Provides for an endowment fund or other financial resources sufficient to pay the asset's ongoing maintenance costs.
C. Asset Parameters: If an asset was named before the effective date hereof, classification of the asset shall be accomplished as provided in section 3.65.020 of this chapter. The city council shall be given the opportunity to decide whether to remove or extend an asset name using the procedure set forth in subsection 3.65.020B of this chapter as if it were applicable to the removal or extension of an asset name.
D. Council Action: Unless otherwise provided in an asset naming agreement, the city council may review, change, or remove the name of a city asset at any time consistent with the provisions of this chapter.
E. Expiration: Except as otherwise provided in subsection C of this section, an asset name expires and may be available for renaming upon:
1. The passage of twenty five (25) years;
2. Unexpected natural events, such as flooding, earthquakes, or windstorms;
3. The end of the asset's useful life or when the asset becomes beyond repair and must be replaced; or
4. The termination date or event stated in any written agreement of the city with respect to such asset name.
F. Exemptions: City assets that have longstanding and historically significant names are exempt from this section. (Ord. 11-13, 2013)