There is hereby created and established a special fund to be known and designated as the “equipment rental and revolving fund,” to be used as a revolving fund to be expended, as appropriated by the city council, for salaries, wages, and operations required for the repair, replacement, purchase, and operation of equipment, and for the purchase of equipment, materials, and supplies to be used in the administration and operation of the fund. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

The equipment rental and revolving fund shall be administered by the director of finance and administrative services (“director”) under the direction of the city manager. (Ord. 2017-09 § 1, 2017: Ord. 2009-21 § 18, 2009: Ord. 2004-20 § 2, 2004)

Capital equipment of all offices and departments of the city of Bainbridge Island, as determined by the director, shall be transferred to the equipment rental and revolving fund, without charge. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

Money may be placed in the fund from time to time by the Bainbridge Island city council. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

The city of Bainbridge Island shall purchase and sell capital equipment, as determined by the director, by the use of the equipment rental and revolving fund, subject to the laws governing the purchase and sale of property. Such equipment shall be rented for the use of the various offices and departments of the city and may be rented by the city to other governmental agencies. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

The proceeds received by the city from the sale or rental of such equipment shall be placed in the equipment rental and revolving fund, and the purchase price of any such equipment or rental payments made by the city shall be made from moneys available in the fund. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

There shall be paid into the equipment rental and revolving fund out of the moneys available to the department using any such equipment reasonable rental charges, which rental charges shall be sufficient to reflect the current and foreseeable needs of the equipment rental and revolving fund. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

There shall be kept, by those directed by the director, such books, accounts, and records as are necessary to control and report the financial operations of the equipment rental and revolving fund. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

Any withdrawals or expenditures from the equipment rental and revolving fund shall be made only in the manner approved by the city council through budget appropriation. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)

All moneys in the equipment rental and revolving fund shall be retained there from year to year and shall not be transferred to any other fund or expended for any other purpose. (Ord. 2017-09 § 1, 2017: Ord. 2004-20 § 2, 2004)