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Adopted 2/7/2006 <br />Amended 9/6/2011 <br />CITY OF PEQUOT LAKES <br />CAPITAL ASSETS AND SURPLUS PROPERTY POLICY <br />Capital Asset <br />A capital asset is any item or property that has a value of $2,500 or more. All other items <br />or property is considered surplus property. <br />Retirements <br />The term retirement is used to describe the removal of a capital asset from the capital <br />asset system. The various types of retirement as defined below must be reported to the <br />City Clerk's Office to ensure that changes are entered into the system and that the master <br />file is updated. The department in charge of the retired asset is responsible for making <br />sure the Clerk's Office is notified. <br />Disposal of Property. Property which is operable, but no longer useable to a particular <br />department may be disposed, if the surplus property cannot be transferred or sold. If the <br />property is considered a capital asset, a capital assets form must be completed and <br />�. submitted to the City Clerk's Office. <br />Sale of Property. Capital assets and/or surplus property, which are to be sold, are <br />subject to the requirements described in Minnesota State Statute (SS 15.054 and 471.345, <br />subd. 17). Capital assets which are retired will be removed from the capital asset system <br />by the Clerk's Office. <br />1) Public Sale — A notice of public sale shall be listed in one of the following <br />ways. <br />a) As a published notice in the official newspaper stating that the City is <br />accepting sealed offers on the capital asset or surplus property. The notice <br />shall be published in the newspaper at least ten (10) days prior to the close <br />of offers. <br />b) Through an electronic selling process in which purchasers compete to <br />purchase the surplus supplies, materials or equipment at the highest <br />purchase price in an open and interactive environment. <br />The asset shall be sold to the party who presents the highest cash offer under the <br />stipulated terms. The City shall have the right to reject all offers. A capital assets <br />form must be completed and submitted to the City Clerk's Office. <br />