Laserfiche WebLink
KODIAK ISLAND BOROUGH <br />ORDINANCE NO. FY 2005 -11 <br />Introduced by Manager Galstad <br />Requested by: Finance Director <br />Drafted by: Finance Director <br />Introduced: 04 21 7 /200 5 <br />Public Hearing: 05/05/2005 <br />Adopted: 05/19/2005 <br />AN ORDINANCE OF THE KODIAK ISLAND BOROUGH <br />AMENDING KODIAK ISLAND BOROUGH CODE OF ORDINANCES <br />TITLE 3 REVENUE AND FINANCE CHAPTER 3.04 PUBLIC FINANCE — MANAGEMENT <br />AND ACCOUNTING SECTION 3.04.057 GENERAL FIXED ASSETS <br />TO PROVIDE FOR DISPOSAL OF USED HOSPITAL EQUIPMENT <br />WHEREAS, Providence Kodiak Island Medical Center has in storage several KIB assets which are <br />obsolete; and <br />WHEREAS, the area currently used for storage will be renovated to accommodate the Community <br />Health Center; and <br />WHEREAS, they have expressed to the Borough Manager in writing a desire to sell, auction, or <br />otherwise dispose of these assets; <br />NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THAT: <br />Section 1: This ordinance is of a general and permanent nature and shall become a part of the <br />Kodiak Island Borough Code of Ordinances. <br />Section 2: Title 3 Revenue and Finance Chapter 3.04 Public Finance - Management and Accounting <br />Section 3.04.057 General fixed assets is hereby amended as follows: <br />3.04.057 General fixed assets. General fixed assets of the borough shall be valued in accordance <br />with generally accepted accounting principles (GAAP). <br />A. Land valuation. Generally land shall be valued at cost. If cost is not known, then land <br />will be valued at fair market value at date of acquisition. Land acquired through foreclosure or default <br />on land sale payments will be valued at fair market value at date of foreclosure or default. Donated <br />land will be valued at fair market value at date of acquisition. <br />B. Buildings and improvement valuation. All buildings and structures shall be valued at cost <br />or cost of construction. If cost is not known then building and improvements will be valued at fair <br />market value at date of acquisition. Donated buildings and improvements will be valued at fair market <br />value at date of acquisition. <br />C. Other fixed assets. Other fixed assets are those fixed assets (property, plant, and <br />equipment) of the borough defined as tangible assets with a useful life in excess of two (2) years, an <br />initial cost of five thousand (5,000) dollars, and those items that do not lose their identity when used <br />with or applied to another asset. <br />D. Exceptions prior to the fiscal year ending June 30, 2003. No road, bridge, culvert, <br />viaduct, or other such major asset will be capitalized. These public assets by virtue of their nature <br />claim a degree of immunity from pilferage, vandalism, and misappropriation. There shall be no <br />exceptions starting with the fiscal year beginning July 1, 2003. <br />Kodiak Island Borough, Alaska Ordinance No. FY2005 -11 <br />Page 1 of 2 <br />