HomeMy WebLinkAboutORDINANCE - 2431 - 5/23/1995 - FUND, CAPITAL REPLACEMENT/CREATEORDINANCE NO. 2431
AN ORDINANCE CREATING A CAPITAL REPLACEMENT FUND
WHEREAS, the President and Board of Trustees deem it prudent,
advisable, and consistent with sound comprehensive financial policy to
establish a Capital Replacement Fund.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and
DuPage, Illinois as follows:
Section 1. That Section 1-8-10 "Funds", Chapter 8, Title 1 of
the Village Code of the Village of Elk Grove Village be and the same is
hereby amended by adding thereto the following:
1-8-10-3 Capital Replacement Fund: There hereby is
established the Capital Replacement Fund to be classified
as an Internal Service Fund in accordance with 65 ILCS
5/8-2-9.5 for the purpose of allocating resources to
acquire and replace capital vehicles and equipment or other
purposes as may be approved from time to time by the
President and Board of Trustees.
The Capital Replacement Fund accounts for the
acquisition of capital vehicles and equipment for
the General Fund which cost at least $50,000 with
a life expectancy of five years or greater.
Acquisitions from the Capital Replacement Fund shall
be financed by an annual allocation transferred from
the General Fund and made a part of and in conjunction
with the annual budget process. Such allocations shall
be given priority in the approval of departmental budget
requests.
Section 2. That this Ordinance shall be in full force and
effect upon its passage and approval according to law.
VOTE:
AYES:
5
NAYS:
0
ABSENT: 1
PASSED
this
23rd
day of
May
1995.
APPROVED
this
23rd
day of
May
1995.
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
Village Clerk
By: Ann 1. Walsh
Deputy Village Clerk