HomeMy WebLinkAboutORD 427 - ORD Establishment of Sanitary Sewar, Capital Improvment Fund
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ORDINANCE NO. 427
'. AN ORDINANCE PROVIDING FOR THE ESTABLISHMENT OF THE CITY
OF WEST UNIVERSITY PLACE, TEXAS, SANITARY SEWER CA_PITAL
IMPROVEMENT FillJD; DESIGNATING THE SOURCES FROM WHICH SAID
FUND SHALL DERIVE AND LIIvlI TING THE EXPEh1DITURE OF MONIES
FROM SAID FUND.
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\lffiEREAS, the City of West University Place; Texas, has heretofore
entered into certain contracts for providing its sanitary sewerage facilities
to residential and other projects located outside the corporate limits of
said City, and .
. WHEREAS, there has been paid to the City of Nest Uni versi ty Place,
substantial sums in cash as a consideration for execution of said contracts
and said City will also receive in the future monthly payments under such
contracts, and
VVHEREAS, it is contemplated that additional contracts of a similar
nature will be entered into betV',..een the said City and other parties, which
will make available additional sums of money to said City, and
iVHEREAS, it is the desire of the City Commission of the City of
West University Place to implement the provisions of Article XVIII of the
City Charter of the City of West University Place, Texas, and particularly
Section 4, of said Article XVIII, in such manner so as to provide specifically
for the establishment of the City of West University Place, Texas Sanitary
Sewer Capital Improvement fund and to limit the expenditure of the funds de- '
rived from contracts such as are described above, now therefore,
BE IT OFnAINED, by the City Commission of the City of West
University Place, Texas, that:
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1.
There is hereby established a fund to be known as the City of
. West University Place, Texas Sanitary Sewer Capital Improvement Fu.'1d and'
a special bank account shall be established in an authorized depositary to
receive deposits to said fund.
2.
All monies received by the City of West University Place, Texas,
from contracts for the furnishing by said City of its sewera[,e facilities
to projects located outside the corporate limits of said City shall become a
part of the City of West, University Place, Texas Sanitary Sewer Capital Im-
provement Fund.
3.
No monies derived from sources mentioned in the preceeding para-
graph shall be spent for a~y other purposes other than the purchase or con-
~ struction of a new sanitary sewer plant or system or for the re-construction,
ex~ent~iOn, ~Ptrovement, bettterment, operation, maintenance or repair'of the .r-ltJ
eXlS lng sanl ary sewer sys em. ,.' ,
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Provided, however, that this ordinance shall not prohibit the
investment of monies belonging to the City of West University Place, Texas
Sanitary Sewer Capital Improvement Fund in such securities as may be
authorized by law when the purpose of such investment is to secure to the
City of West University Place, a higher rate of interest on money in said
fund that would otherwise be available to it.
PASSED and APPROVED this' 8th day of Ncvember, 1948, by a vote of
5 Ayes and 0 Noes.
ATTEST:
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