HomeMy WebLinkAboutOrdinance 1212ORDINANCE NO. 1212
BEING AN ORDINANCE DESIGNATING SEWER FUND AND WATER FUND
RETAINED EARNINGS FOR A CONSTRUCTION RESERVE
The City of Columbia Heights does ordain:
Section 1:
Whereas, the City of Columbia Heights has accumulated retained
earnings in both the Sewer and Water Fund for the pupose of funding
future construction of Sewer and water lines, and,
Section 2:
Whereas, the retained earnings would be more appropriately accounted
for in a separate fund designated for construction.
The Columbia Heights City council does, hereby, establish a Water
Construction Fund and a Sewer Construction Fund and authorizes a
transfer of $600,000.00 from the Water Fund to the Water
Construction Fund and $2,000,000.00 from the Sewer Fund to the Sewer
Construction Fund.
Section 3:
Any retained earnings in the Water Construction Fund and the Sewer
Construction Fund shall require a four-fifths vote to expend or
tranfer funds.
Section 4: This Ordinance shall be in full force and effect from and after
thirty (30) days after its passage.
First Reading:
Second Reading:
Date of Passage:
October 22, 1990
November !3, !990
November 13, )990
Offered by: Nawrocki
Seconded by: C!erkin
Rol 1 Call: A1 ! ayes
Edward Carlson, Mayor
: re ta ry