§ 2-603. Depreciation of equipment if agreement terminated

   (a) In general. -- If an agreement entered into under § 2-602 of this subtitle is terminated, the value of motor vehicles, radios, and light bars paid for by a county or municipal corporation under the agreement shall be depreciated in accordance with subsection (b) of this section.

(b) Depreciation schedule. -- The value of motor vehicles, radios, and light bars shall be depreciated over a 5-year period beginning on the date the equipment was put in service as follows:

   (1) after 1 year, the equipment shall be valued at 80% of its initial cost;

   (2) after 2 years, the equipment shall be valued at 60% of its initial cost;

   (3) after 3 years, the equipment shall be valued at 40% of its initial cost;

   (4) after 4 years, the equipment shall be valued at 20% of its initial cost; and

   (5) after 5 years, the equipment shall be considered to have no remaining value for purposes of this section.

(c) Reimbursement by Department. -- The Department shall reimburse the county or municipal corporation for the depreciated value of the motor vehicles, radios, and light bars.

HISTORY: An. Code 1957, art. 88B, § 63(i); 2003, ch. 5, § 2.