HomeMy WebLinkAbout~Master - Creating a Reserve for Water Department, Repealing Ordinance 559 i
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TEMP. ORD. NO. 53 PERM. ORD. NO. 804
AN ORDINANCE CREATING A RESERVE FOR THE DEPRECIATION AND OB-
SOLESCENCE FOR THE WATER DEPARTMENT AND PROVIDING FOR THE
INVESTMENT AND EXPENDITURE OF FUNDS DEPOSITED THEREIN AND
REPEALING ORDINANCE NO. 559 AND ALL OTHER ORDINANCES OR PARTS
OF ORDINANCES 1N 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
"Water Department Reserve for Depreciation and Obsolence Fund".
Section 2. Purposes for Expenditures. Expenditures from said fund
shall be made in the manner hereinafter provided and shall be used only for
the purposes of construction or reconstruction of the water 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 Wat*sr Depa-rtmt-;it Fund. The city auditor an
clerk is hereby authorized and directed to set aside in said fund such sums of
money from the water department 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 funds shall be inNested 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 shall 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 Fro;~n 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 invest-
ments for the purpose of making the expenditure as ordered and directed by the
city council.
Section 7. Repeal. Ordinance No. 559 and all other ordinances or
parts of ordinances in conflict herewith are hereby repealed and all funds or
investments accumulated thereunder shall be credited to the reserve herein
e stabli shed.
Section 8. This ordinance shall be in full force and effect from and
after its passage and publication as provided by law.
Passed this 10th day of May, 1955.
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�. W. Prather, City Clerk J. P. Lawlor., Mayor
Moved by Smith and seconded by De Hart that Ordinance No. 8,04 be passed on
its first reading.
Voting Aye: Griffith, Judge, Smith, De Hart and Bolton
Voting Nay: None
.Absent: Bliss
Moved by De Hart and seconded by Judge that the rules governing the passage of
ordinances be suspended, the second and third readings omitted and Ordinance
No. 804 be placed on its final passage.
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t Voting Aye: Griffith, Judge, Smith, De Hart and Bolton
Voting Nay: None
Absent: Bliss
Moved by Judge and seconded by Smith that Ordinance No. 804 do now pass.
Voting Aye: Griffith, Judge, Smith, De Hart and Bolton
Voting Nay: None
Absent: Bliss
Mayor Pro Tem Griffith declared Ordinance No. 804 duly adopted.
I, J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify that
Ordinance No. 804 was duly and properly adopted by the City Council at a meeting
on the 1,0th day of May, 1955 and published by codifying on the �n day of (&z ,
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J, Prather, City ClerT�
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