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f ORDINANCE NO. y <br /> An ordinance creating a special fund to be designated <br /> Equipment Rental Fund, specifying the purpose for which <br /> said fund is created; directing the manner in which said <br /> fund shall be expended and repealing Ordinance 4236 and <br /> 106-70 and declaring an emergency to exist. <br /> 1 NOW, THEREFORE , THE CITY OF EVERETT DOES ORDAIN: <br /> 2 Section 1: That there is hereby created and established a special fund to <br /> 3 be known and designated as the "Equipment Rental Fund," to be used as a <br /> 4 revolving fund to be expended for salaries, wages and operations required <br /> 5 for the repair, replacement, purchase and operation of motor vehicle equip- <br /> 6 <br /> ment, and for the purchase of all equipment, materials and supplies to be <br /> 7 <br /> used in the administration and operation of said fund. <br /> 8 <br /> Section 2: The Equipment Rental Fund created herein shall be under the <br /> 9 <br /> 10 <br /> direction of the Mayor or his designee. <br /> 11 Section 3: All motor vehicle equipment of the City shall be owned by the <br /> 12 Equipment Rental Fund. The charges for the rental for the use of the said <br /> 13 motor vehicle equipment shall be sufficient to cover the maintenance, operation <br /> 14 <br /> and replacement of such equipment and the terms for the rental thereof may <br /> 15 <br /> be on an annual, monthly, weekly or daily basis . A schedule of such charges <br /> 16 <br /> shall be prepared as follows: <br /> 17 <br /> Account A charges shall be determined by the following formula: <br /> 18 Total maintenance cost by vehicle type + overhead = operating <br /> 19 Number of vehicles in vehicle type <br /> 20 Account B charges shall be determined by the following formula: <br /> 21 (Months of vehicle life x inflation x original cost)+original cost=replacement cpst <br /> 22 All charges for equipment shall be calculated from the above formulas to <br /> 23 a monthly rate. These charges may be calculated for weekly and daily <br /> 24 <br /> rates by the following method: <br /> 25 <br /> Monthly rate x .3 = weekly rate <br /> 26 <br /> Weekly rate x .25 = daily rate <br /> 27 <br /> 28 Rental rates shall be reviewed at least annually and may be revised <br /> 29 to meet changing cost of maintenance, operation and replacement. <br /> 30 <br /> 31 <br /> 32 <br />