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<br />Capital assets purchased with debt proceeds should be capitalized and <br />depreciated over their estimated useful life, regardless of the cost. <br /> <br />12. Contributed Capital <br /> <br />Contributed capital assets should be recorded and depreciated in the same <br />manner as all other capital assets. In addition, capital assets acquired <br />through contribution from an outside source should be so identified in the <br />records of the city. including documentation ofthe actual or estimated <br />value and the basis of detennination. For financial statement purposes, <br />depreciation for contributed capital shall be recorded separately from <br />depreciation on all other capital assets. <br /> <br />13. Disclaimer: <br /> <br />Nothing in this policy shall be construed as to override applicable, state or <br />federal law , state or federal rules or regulations, Governmental <br />Accounting Standards Board (GASB) rules or generally accepted <br />accounting principles (GAAP). <br /> <br />Adopted by the city council of the City of Centerville this 12th day of <br />~oveD1ber,2003. . <br /> <br />Approved: <br /> <br />Attest: <br /> <br />Mayor <br /> <br />Administrator <br /> <br />9 <br />