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with are, to the extent of such conflict, hereby repealed.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:
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