12-2833.   Same; depreciation policy.To assure modern, attractive transportation service the board mayestablish a depreciation policy which makes provision for the continuousand prompt replacement of worn out and obsolete property and the board maymake provision for such depreciation of the property of the authority as isnot offset by current expenditures for maintenance, repairs andreplacements under such rules and regulations as may be prescribed by theboard. The board from time to time shall make a determination of therelationship between the service condition of the properties of theauthority and the then established depreciation rates and reserves and fromtime to time may make adjustments or modifications of such rates in suchamounts as it may deem appropriate because of experienced and estimatedconsumption of service life of road, plant, and equipment.

      History:   L. 1955, ch. 118, § 33; April 13.