An accurate inventory of tools, equipment, and supplies will be kept up to date. A reserve supply of repair parts and regularly used supplies will be maintained by the utility district. A written listing shall be kept of local suppliers of repair parts, replacement equipment and expendable supplies. An annual inventory of all tools, equipment and vehicles shall be made by September 30th and missing items shall be reconciled. The location and condition of all equipment shall be recorded on the written record of inventory. The chairperson and secretary/treasurer shall sign the record of inventory.