(1) End of Service Life. When the City determines an asset has exceeded its service life or the asset is destroyed or damaged beyond feasible and economic repair, the asset and its associated name may be removed as provided by law.

(2) Extension. A named asset that has exceeded its service life may thereafter remain in service only if remaining in service poses no danger to the public and is approved by the City Council pursuant to an asset naming agreement that specifies the length of time that the asset name may be used, and provides for an endowment fund or other financial resources sufficient to pay the asset’s ongoing maintenance and operation costs.