Current through October 31, 2024
Section 625.41 - Standards for measuring the condition of capital assetsA capital asset is in a state of good repair if it meets the following objective standards-
(a) The capital asset is able to perform its designed function;(b) The use of the asset in its current condition does not pose an identified unacceptable safety risk; and(c) The life-cycle investment needs of the asset have been met or recovered, including all scheduled maintenance, rehabilitation, and replacements.