HomeMy WebLinkAbout1854 Disposition of Electric Revenue ORDINANCE NO.1854
AN ORDANANCE AMENDING ORDINANCE NO. 1184 BY REPEALING
SECTIONS 14.16 . 010 AND 14 . 16 .020 OF THE ASHLAND MUNI-
CIPAL CODE : ADDING NEW SECTIONS . 14 . 16 . 010 THROUGH
14 . 16 .025 INCLUSIVE : AND .DECLARING AN EMERGENCY.
THE PEOPLE OF THE CITY OF ASHLAND DO ORDAIN AS FOLLOWS :
SECTION 1 . Ordinance No . 1184 is amended, and Sections 14.16 .010
ancT 4 .I-6—. 020 of the Ashland Municipal Code are hereby repealed.
SECTION 2 . Sections 14 . 16 . 010 through 14 . 16 .025 are hereby added
to the-AsFiland Municipal Code, and shall read as follows :
Sections
14 .16 .010 Deposit of Electric Revenues .
14 . 16 .015 Disposition of .Electric Revenues
14 .16 .020 Transfers to General Fund
14 .16 . 025 Capital Improvements Reserve
14 . 16 . 010 Deposit of Electric Revenues . All revenues rec-
eived tom t e e ectric operations of t e ity of Ashland shall
be deposited in the Utility Fund of the City, and shall be seg-
regated for budgetary purposes, from all. other utility revenues
of the City .
14 . 16 . 015 Disposition of Electric Revenues . The electric
revenues shall e applied ana used in payment -oT payment-o warrants and
interest thereon issued in connection with operation of the
system; the satisfaction of interfund loans and interest there-
on authorized in connection with the operation of the system;
and also in payment for alterations , improvements , ..additions-.or
extensions and for redemption and retirement of outstanding__ _ _..
electric system bonds , together with interest thereon ; and shall
be expended only in connection with and for improving the system;
except as provided in Section 14 . 16 . 020 and 14 . 16 . 025 .
14 . 16 ..020 Transfers to General Fund . The City Council may
appropriate an amount not excee ing t .irty-three percentum (33$)
of estimated annual electric revenues excluding any fund balance
from the prior year, for transfer to the general fund for other
municipal purposes .
14 .16 . 025 Capital Improvements Reserve . The City Council may ,
in ad ition to the provisions ot bections 14 .16 . 015 and 14 . 16 . 020 ,
appropriate an amount for transfer. to the Capital Improvement
Fund, which shall be segregated from all other capital improvement
accounts , to meet requirements of future contemplated additions ,
improvements or extensions to the system, operating requirements
of the system, and for no other purpose .
SECTION 3 . It hereby adjudged and declared -that the existing
cones are such that this Ordinance is necessary for the
preservation of the public health: and safety of the people of
the City of Ashland and an emergency is hereby declared to
exist and this Ordinance shall take effect and may be in full
force and effect from and after its passage and approval by
the Mayor.
The foregoing ordinance was first read on the day
of 1975 and duly PASSED and ADOPTED t is LLZ
day o p,c/c ;: _1975 .
�h3
� se utter
IClity Recorder
SIGNED and APPROVED this day of P/�/z 975 .
A. i
ary ric sett
Mayor