HomeMy WebLinkAboutORD 644 - ORD Establishing & Reserve Fund Annual Insurance Premiums
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ORDINANCE NO. 644
AN ORDINANCE ESTABLISHING ,A RESERVE, FUND IN THE FINANCE
DEPARTMENT OF THE CITY .oF' WEST UNIVERSITY PLACE, TEXAS,
FROM WHICH ANNUAL INSURANCE PREMIUMS SHALL BE PAID BY
SUCH CITY; DESIGNATING THE SAID FUND "THE INSURANCE RE-
SERVE FOND"; PROVIDING FOR ANNUAL APPROPRIATIONS TO SUCH
FUND FROM AND our OF THE' GENE:RAL FUND OF wEST UNIVERSrrY
PLACE, TEXAS; PROVIDING FOR THE DEPOSIT OF ALL OR A !,ORTION
OF 'SUCH FUND IN ~ ON TERM DEPOSIT; REPEALING ALL ORDI-
NANCES OR PARTS OF ORDINANCES IN CONFLICT mmEwrrH, INSOFAR
AS THEY MAY CONfLICT; AND 'PROVIDING THAT THIS ORDINANCE
SHALL BECOME EFFECTIVE IMMEDIATELY UPON ITS PASSAGE AND
APPROVAL.
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BE IT ,ORDAINED BY THE CITY COMMISSION OF THE CITY OF WEST UNI-
VERSITY PLACE, TEXAS:
Sectien 1. That there is hereby created within the finance de-
partment of the City ef' West University Place, Texas, a new and separate
f'und to. be known 'and'designated "The 'Insuranc,e Reserv.e Fund," which fund
is hereby established fer the purpese ef prev.iding a reserve frem which
all annual premiums en Centracts ef insurance entered into. by the City ef
West University Place, Texas, sha,ll be paid.
Sectien 2. Frem and after the eff'ective date hereef the City
Cemmissien 0.1' the City 0.1' West University Place, Texas, shall~ at the be-
ginning ef each fiscal year, make an annual apprepriatiente the Insurance
Reserve Fund hereby created eut 0.1' the general fund ef' such city in an ameunt
net to. exceed the yearly prepartienate part af the total premiums en Cen-
tracts ef insurance in effect at the beginning ef each fiscal year, er which
are expected to. be entered into. during the '12 menth peried immediately fellow-
ing the beginning ef any such fiscal year. Additienal apprepriatiens to.'
such fund as well as reductiens ef the ,same may be made whenever necessary
to. pretect and premete the best interests ef the city. '
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/' Sectien ~. The City Secretary and the City Treasurer are hereby
autherized to. depesit these funds cemprising the Insurance Reserve Fund en
Term Depesit in such bank er banks and in such amounts as they may by Rese-
lutien ef the City Cemmissien ef the City 0.1' West University Place be directed
where it appears that such fund er pertien thereef will net be required fer
the payment ef insurance premiums fer a peried ef at least 6 menths f'rem and
after the date of such reselutien.
Sectien 4. All Ordinances and parts 0.1' Ordinances in cenflict
with the prevision ef this Ordinance are hereby repealed.
Sectien 5. This Ordinance shall take effect and be in ferce im-
mediately frem and after its passage by the City Cemmissien and appreval by
the Mayer.
PASSED this the '13th day of July, 1953.
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COMMISSIONERS VOTING AYE:
Nene
COMMISSIONERS VOTING NO :
All
ATI'EST:
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MAYOR PRO TEM OF THE CITY OF
WEST UNIVERSITY PLACE
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