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Capital outlay purchases less than $5,000 $10,000 are inventory assets. Example of inventory assets: <br />Computers, printers, furniture, cameras. <br />SECTION 7. SUMMARY <br />The following is the official summary of Ordinance #16-xx which has been approved by the City Council of the City of <br />Ramsey as clearly informing the public of the intent and effect of the Ordinance. <br />The Ordinance Repeals the existing City Code Division 2 - Purchasing Sections 2-272 through 2-278 and replaces it with a <br />new division 2 — Purchasing. This division is adopted pursuant to and under the authority of section 6.4 of the City Charter <br />SECTION 8. EFFECTIVE DATE <br />The effective date of this Ordinance is thirty (30) days after its passage and publication, subject to City Charter Section <br />5.07. <br />Adopted by the Ramsey City Council the day of , 2016. <br />Mayor <br />ATTEST: <br />City Clerk <br />Introduction Date: <br />Posting Dates: <br />Adoption Date: <br />Publication Date: <br />Effective Date: <br />10 <br />