12-1,117.   Municipal equipment reserve fund; purpose; investment andtransfer of moneys in fund.(a) The governing body of any city may provide, by adoptionof an ordinance, for a municipal equipment reserve fund to finance theacquisition of equipment. Moneys maybe budgeted and transferred to such fund from any source which may belawfully utilized for such purposes, including equipment use charges on thevarious departments and agencies ofthe city to finance new and replacement equipment. For thepurposes of this act, equipment shall include machinery, vehicles and anyother equipment or personal property including, but not limited to,computer hardware and software, which the city is authorized to purchasefor municipal purposes.

      (b)   Moneys credited to such fund from annually budgeted transfers shallnot thereafter be subject to the provisions of K.S.A.79-2925 to 79-2937, inclusive, and amendments thereto. In making thebudgets of such city, the amounts credited to, and the amount on hand in,such equipment reserve fund and the amount expended therefrom shall be shownthereon for the information of the taxpayers of such city. Moneys in suchfund may be invested in accordance with the provisions of K.S.A. 10-131 andamendments thereto with interest thereon credited to such fund.

      (c)   If the governing body of any city determines that money which hasbeen credited to such fund or any part thereof is not needed for thepurposes for which so budgeted or transferred, the governing body maytransfer, by adoption of a resolution, such amount not needed to the fundfrom which it came and such retransfer and expenditure thereof shall be subjectto the budget requirement provisions of K.S.A. 79-2925 to 79-2937,inclusive, and amendments thereto.

      History:   L. 1985, ch. 65, § 1; July 1.