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There is hereby established a fund known as the fleet and equipment fund (fund 501) as follows:

A. Purpose. The purpose of this fund is to account for all costs associated with operating, maintaining and replacing the City’s vehicles and other motorized equipment.

B. Revenue. Revenue source is replacement reserves and interfund charge to the benefiting or user fund. Other revenues may include interest earnings, proceeds from the sale of assets, interfund transfers, and other revenue sources designated by City Council. [Ord. 589 § 26, 2014.]