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022-87-Ordinance-Establishing Electric Utility Capital Reserve Fund-12/07/1987CITY SECRETARY CITY OF SANGER, TEXAS ORIGINAL COPY ORDINANCE NO. #022-87 AN ORDINANCE ESTABLISHING AN ELECTRIC UTILITY CAPITAL RESERVE FUND; AND, PROVIDING FOR REPEAL OF ORDINANCES IN CONFLICT; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Sanger desires to establish a capital reserve fund for the purpose of minimizing the need to borrow and pay interest; and, WHEREAS, the Utility Board of the City of Sanger has recommended the establishment of same. SECTION I NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SANGER, that there is hereby created a fund to be numbered administratively to be called the Electric Utility Capital Reserve Fund, and that said fund is to receive semi-annually 50o of the unused funds from the Electric Utility Department not needed for the operation of said department or the City in the forthcoming quarter. Said funds will approximate 1/2 of the net revenues derived from Electric Utility Rates proposed to be increased at the end of the first fiscal quarter of Budget Year 1987-88. Expenditures from said fund shall be.designa,ted for capital improvements or emergency use as directed by the governing body of the city. SECTION II All Ordinances or parts of Ordinances in conflict here- with are, to the extent of such conflict, hereby repealed. SECTION III It is hereby declared to be the intention of the City Council that the sections, paragraphs, sentences, clauses, and phrases of this Ordinance are severable and, if any phrase, clause, sentence, paragraph, or section of this Ordinance shall be declared unconstitutional by the valid judgment or decree of any court of competent jurisdiction, such unconstitutionality shall not affect any of the remaining phrases, clauses, sentences, paragraphs, and sections of this Ordinance, since the same would have been enacted by the City Council without the incorporation in this Ordinance of any such unconstitutional phrase, clause, sentence, paragraph, or section. SECTION IV This Ordinance will take effect immediately from and after its passage and the publication of the caption as the law in such cases provides. ORD #022-87 Electric Utility Capital Reserve Fund PASSED AND APPROVED this day of llcem& 1987, by the City Council of the City of Sanger, Texas. ATTEST: City Secretary APPROVED: -2-