HomeMy WebLinkAbout~Master - Creating Reserve for Electric Department, Repealing Ordinance 558 TEMP. ORD. NO. 52 PERMANENT ORD. NO. 802
AN ORDINANCE CREATING A RESERVE FOR THE DEPRECIATION AND OBSO-
LESCENCE FOR THE ELECTRIC DEPARTMENT, PROVIDING FOR THE
INVESTMENT AND EXPENDITURE OF FUNDSDEPOSITED THEREIN, AND
REPEALING ORDINANCE NO. 558 AND ALL OTHER ORDINANCES OR PARTS
OF ORDINANCES IN CONFLICT HEREWITH.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF AMES, IOWA:
Section 1. Fund Created. A fund is hereby created to be known as the
"Electric Department Reserve for Depreciation and Obsolescence Fund. "
Sec4ion 2. Purposes for Expenditures. Expenditures from said fund
shall be made in the manner hereinafter provided and shall be used only for the
purpose of construction or reconstruction of the electric plant, equipment, or
distribution system of the city of Ames, Iowa, or for the purchase of land to be
used in connection with the same.
Section 3. Deposits from Electric Department. The city auditor and clerk
is hereby authorized and directed to set aside in said fund such sums of money
from the electric department fund as the city council may direct.
Section 4. Investments by City Treasurer. Such sums of money as shall
by such order be set aside and placed in said fund shall be invested by the city
treasurer in interest bearing bonds as prescribed and allowed by the statutes
of the State of Iowa pertaining to trust funds and it diall be the duty of the city
treasurer to promptly invest said funds as prescribed in this ordinance, provided
however, no such investments shall be made until same have been fully approved
by the city council of the city of Ames, Iowa.
Section 5. Withdrawals From Fund. Withdrawals from said fund shall be
made by order and direction of the city council and shall be subject to the
requirements for expenditures from such funds as prescribed in section 2 of
this ordinance.
Section 6. Notice to City Treasurer of Withdrawals. In case of with-
drawals from said fund as herein provided, the city treasurer shall have sixty
days after receipt of the order of withdrawal within which to convert the
investments for the purpose of making the expenditure as ordered and directed b
the city council.
Section 7. Repeal. Ordinance No. 558 and all other ordinances or parts f
ordinances in conflict herewith are hereby repealed, and all funds or investments
accumulated thereunder shall be credited to the reserve herein established.
Section 8. This ordinance shall be in full force and effect fromand after
its passage and publication as provided by law.
Passed this 26th day of April, 1955.
J. W. Prather, City Clk. J. P. Lawlor, Mayor
Moved by Smith and seconded by Griffith that Ordinance No. 802 be passed on its
first reading.
Voting Aye: Griffith, Judge, Smith, Bolton and Bliss
Voting Nay: Nose
Absent: De Hart
Moved by Judge and seconded by Smith that the rules governing the passage of
ordinances be suspended, the second and third readings omitted and Ordinance
No. 802 be placed on its final passage.
Voting Aye: Griffith, Judge, Smith, Bolton and Bliss
Voting Nay: None
Absent: De Hart
Moved by Smith and seconded by Griffith that Ordinance No. 802 do now pass.
Voting Aye: Griffith, Judge, Smith, Bolton and Bliss
Voting Nay: None
Absent: De Hart
Mayor Lawlor declared Ordinance No. 802 duly adopted.
I, J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify
that the above and foregoing Ordinance No. 802 was duly and properly passed at
a meeting of the City Council on the 26th day of April, 1955 and published by
codifying on the day of { 19
f
/ J. W. Prather, City Clerk