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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