(a) There is created a fund to be known as the "public works equipment reserve fund."

(b) The clerk-treasurer shall have the authority to transfer funds from Fund 110, city streets, Fund 411, water, and Fund 415, sewer to Fund 171, the public works equipment reserve on the approval of city council.

(c) As equipment is amortized, the fund shall be used for its replacement as approved by the city council. (Ord. 1468,, 1999.)