Chapter 3.90
TECHNOLOGY REPLACEMENT FUND
Sections:
3.90.010 Establishment of technology fund.
3.90.020 Administration of the fund.
3.90.010 Establishment of technology fund.
There is hereby created and established a separate fund to be known as the technology replacement fund or other name as may be determined from time to time. The purpose of the fund is to provide financial administration and accounting control for technology replacement moneys received. All moneys and assets assigned to the fund shall be used for the capital replacement of technology related hardware, software and peripherals, including computer related, telephone related, and office equipment. (Ord. 1123 § 1, 2005)
3.90.020 Administration of the fund.
The city administrator or his/her designated representative shall be responsible for the administration of the fund. (Ord. 1123 § 1, 2005)
3.90.030 Term of the fund.
The fund is declared to be perpetual, and moneys remaining therein at the conclusion of each budget year shall carry over into the ensuing year unless determined differently by the city council. Neither the employees of the city or their representatives shall have any interest whatsoever in the funds provided, or the administration thereof. (Ord. 1123 § 1, 2005)
3.90.040 Investments.
The finance director is directed to maintain the above referenced funds as provided herein, and to invest the same so as to generate such additional moneys as is reasonably prudent which shall remain a part of the fund. (Ord. 1123 § 1, 2005)
3.90.050 Loans.
In the event an expense should arise for which insufficient sums are available within the fund, there is hereby authorized an interest-bearing loan from such other city fund(s) as may be determined by the finance director and approved by the city council. Such loan shall be in an amount as determined by the finance director to be needed from time to time to pay for cash flow shortages in the fund. The rate of interest on any such loan shall be a reasonable rate to be determined by the finance director. (Ord. 1123 § 1, 2005)