A. Land Valuation. Generally, land shall be valued at cost. If cost is not known, then land will be valued at fair market value at date of acquisition. Land acquired through foreclosure or default on land sale payments will be valued at fair market value at date of foreclosure or default. Donated land will be valued at fair market value at date of acquisition.

B. Buildings and Improvement Valuation. All buildings and structures shall be valued at cost or cost of construction. If cost is not known then buildings and improvements will be valued at fair market value at date of acquisition. Donated buildings and improvements will be valued at fair market value at date of acquisition.

C. Other Fixed Assets. Other fixed assets are those fixed assets (property, plant, and equipment) of the borough defined as tangible assets with a useful life in excess of two years, an initial cost of $5,000, and those items that do not lose their identity when used with or applied to another asset.

D. Exceptions Prior to the Fiscal Year Ending June 30, 2003. No road, bridge, culvert, viaduct, or other such major asset will be capitalized. These public assets by virtue of their nature claim a degree of immunity from pilferage, vandalism, and misappropriation. There shall be no exceptions starting with the fiscal year beginning July 1, 2003.

E. Providence Medical Center shall be given the authority to dispose of all obsolete hospital equipment by any means they deem appropriate. Any funds received for said equipment will revert to the borough. An itemized list including KIB identification tags will be forwarded to the finance department at disposal for removal from fixed asset schedules. [Ord. FY2005-11 §2; Ord. 00-05 §2, 2000; Ord. 86-3-O(A) §2. Formerly §3.04.057].