HomeMy WebLinkAboutORDINANCE - 2974 - 1/27/2004 - CAPITAL REPLACEMENT FUND/AMENDEDORDINANCE NO. 2974
AN ORDINANCE AMENDING TITLE 1, CHAPTER 8, SECTION 1-8-10-3:
CAPITAL REPLACEMENT FUND
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, State
of Illinois as follows:
Section 1: That Chapter 8, Section 1-8-10-3, Capital Replacement Fund
established by Ordinance No. 2431, of the Village Code of the Village of Elk
Grove Village be and the same is hereby amended as follows:
1-8-10-3 Capital Replacement Fund: There hereby is established
the Capital Replacement Fund to be classified as an Intemal Service
Fund in accordance with 651LCS 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 Mayor and Board of Trustees.
The Capital Replacement Fund accounts for the acquisition of
capital vehicles and equipment for the General fund and/or
Emergency Management Fund which cost at least $50, 000 with a
life expectancy of rive (5) years or greater. Acquisitions from the
Capital Replacement Fund shall be financed by an annual allocation
transferred from the General Fund and/or Emergency Management
Fund and made a part of and in conjunction with the budget
process. Such allocations shall be given priority in the approval of
departmental budget requests.
Section 2: That the Village Clerk is hereby authorized to publish this
Ordinance in pamphlet form.
Section 3: That this Ordinance shall be in full force and effect from after
its passage, approval, and publication according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT., 0
PASSED this 2e day of January 2004.
APPROVED this 2e day of January 2004.
APPROVED:
Crato B. Johnson, Mayor
ATTEST:
Ann L Walsh, Village Clerk
PUBLISHED this 30�h day of January 2004 in pamphlet form.
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