ORDINANCE NO.   2012-11  

AN ORDINANCE AMENDING TOWN ORDINANCE 5.0-3 AND ESTABLISHING A NEW THRESHOLD FOR THE RECORDING OF FIXED ASSETS
OF THE TOWN OF LEO-CEDARVILLE

WHEREAS, the Indiana State Board of Accounts recommends that every unit of government maintain an inventory of fixed assets with a value of $5,000 or more owned by the unit reflecting each asset’s acquisition value; and

WHEREAS, Town Ordinance 5.0-3 requires the Town to log the fixed assets of the Town with a value of $750.00 or more; and

WHEREAS, the Leo-Cedarville Town Council has determined to revise the Town’s policy regarding the recording of fixed assets to match the recommendation of the Indiana State Board of Accounts.

NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF LEO-CEDARVILLE, INDIANA;

1. For purposes of this ordinance, the term “fixed asset” shall mean tangible property acquired by the Town which will not be consumed or converted into cash within the current accounting period in which the asset is obtained by the Town.
2. The Clerk-Treasurer for the Town of Leo-Cedarville shall maintain a log of all fixed assets with a purchase or replacement value of $5,000.00 or more at the time of acquisition. Such log shall include the acquisition value of the asset, the description of the asset, serial number (if applicable) of the asset, and the location or custodian of the asset.
3. A complete inventory of all logged assets shall be taken every year to verify account balances and insure control of the Town’s fixed assets. All employees of the Town shall cooperate with and assist the Clerk-Treasurer and the Town Manager in completing the inventory.
4. All parts of previous ordinances in conflict herewith (including ordinance number 5.0-3) are repealed to the extent of said conflict. Any fixed assets acquired prior to the date of this ordinance of less than $5,000 that have not yet been logged on the Town’s fixed asset log need not be logged following the date of the adoption of this ordinance.
5. In the event any section, subsection, clause, phrase or portion of this chapter is for any reason held illegal, invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision, and such holding shall not affect the validity of the remainder of this chapter. It is the legislative intent of the council that this chapter would have been adopted if such illegal provision had not been included or any illegal application had not been made.
6. This Ordinance shall be in full force and effect upon its passage and publication in accordance with applicable law.

Passed and adopted by the Town Council of the Town of Leo-Cedarville, Indiana on this   27th   day of   November  , 2012.

  John Clendenen        
John Clendenen
President

  Tim Richards             
Tim Richards
Council Member

  Kevin Veatch             
Kevin Veatch
Council Member

  Paul Steffens            
Paul Steffens
Council Member

  Ted Garton               
Ted Garton
Council Member

      ATTEST: John Eastes                
John Eastes
Clerk-Treasurer