PURPOSE
The purpose of this policy is to provide a guide on how to dispose of capital assets, in possession of the Otsego County Library.
POLICY
All assets of the Library are the property of the County. The “Agreement for Operating and Maintaining the Otsego County Library” gives the Library Board authority to dispose of capital assets in compliance with said agreement.
For purposes of this policy, capital assets are tangible and intangible assets that are used in operations and that have initial useful lives that extend beyond on year. They include land, structures and improvements, infrastructure, and equipment.
All County assets retaining substantial value are generally to be disposed of either through the Auction or via bid solicitation. Substantial value is defined as an estimated value, on the date of disposal, that is equal to or greater than 10% of the asset’s original purchase price.
Assets can be traded for usable assets which have an equal or greater value. Such trades must be made via agreement signed by the County Board Chairman, the County Board Vice-Chairman, County Administrator, Library Board president, as well as the Library Director.
Capital Assets that have negligible value may be disposed of without going through the bidding or Auction process. For the purpose of this policy, negligible value is defined as anything less than 10% of the asset’s original purchase price.
The Library Board and County Board of Commissioners must approve the disposal all Capital Assets purchased by the Library.
All items are to be sold “as-is” with no warranty (ies), express, implied or otherwise.
Profits realized from the sale of capital assets at the Library shall be deposited to the Library Fund.
The following County Bill of Sale will be signed by the buyer prior to transfer of any County assets.
Adopted: February 26, 2008
Updated: May 8, 2018
BILL OF SALE
FOR THE VALUE RECEIVED, THE OTSEGO COUNTY LIBRARY hereby sells and transfers unto
_____________________________of_______________________________(Buyer), and its successors and assigns forever, the following described goods and chattels:
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
Seller warrants and represents that it has good title to said property, full authority to sell and transfer same and that said good and chattels are being sold free and clear of all liens, encumbrances, liabilities and adverse claims, of every nature and description.
Seller disclaims any implied warranty of condition, merchantability or fitness for a particular purpose. Said goods being in their present condition “as is” and “where is.”
Signed this________ day of _________________, 20_______
In the presence of :___________________________________(Witness)
___________________________________________________
Library Board of Trustees
___________________________________________________
Otsego County (Seller)
By signing, the Buyer acknowledges the aforementioned provisions of this sale and transfer.
___________________________________________________
Buyer