HomeMy Public PortalAbout1379-1949 - The Creation of a Cash Reserve Fund for the Power PlantORDINANCE' NO. .194 9,
;AN ORDINANCE to Provide for creation of,. a,Cash
Reserve Fund '-for the Municipal Electric Lighting and 'Power
Plant for the purpose of setting aside surplus earnings
which may. be availablefor transfer to the general '.fund
of the civil City.
BE IT ORDAINED by the Common Council of the
City of Richmond-,
SECTION 1. That "'a. "Cash, Reserve,FLindif is hereby
created for the Municipal -Electric Lighting and Power Plant,
which Fund shall be carried on the records of said utility,
to which Fund there shall be contributed or "transferred
surplus earnings of the ,utility.
Surplus earnings is herein de.fined as those cash
earnings remaining after provision has been made to take
care of current obligations, including -those for operating
expense,. depreciation or, -replacement .funds sinking funds
bond and interest retirement,'fundss orany other priority
fund requirements fixed by ordinance or by law.
PROVIDED,,- HOWEVER, that no such, transfer to .said
ItCash,Reserve Fundt', as herein- provided, 'shall be made
unless or until a depreciati on- or replacement fund has been
established- for said utility,. to which'there shall accrue at
lea'st five Per centum. .(5%)' of the operating cash revenues
.each month.
BE. IT FURTHER PROVIDED that the Common Council may
include in the annual municipal g eneral fund budg et, as a
revenue -i.n lieu of taxes, 'an amount equal to, but in no
event in excess of the actual balance in said "Cash Reserve
Fundff as of July 31st of the, then current years' and that
such Cash R6serve Fund balance available sball-.be.transferred
to theCitygeneral fund only during the calendaryear for
which the budget is adopt e d and 'that no transfers shall be
made from any utility Funds ''to the 'City general fund other
than from. said ''Cash Reserve Fund n.
HE IT FURTHER PROVIDED that at any time. after
the- final approval of the .budget an emergency should arise
for further appropriations" in- the. -manner -now provided by
law from -the .general fund' of the. � City, the Common, Council
may by -ordinance transfer additional funds, from the ffpash
Reserve Fundff to'the City :general fund't-o provide for such
.additional appropriati ons-, and.:such transfer. to be limited
to the accretions to such cash reserve fund. since the 'pre-
vious Suly 31st.
THIS 'ORDINANCE shall be in .full force and. eff ect .
from and after its passage and approval by- the- Mayor.
PASSED. and adopted, by the Common Council. of the
City of Richmond, Wayne County, Indiana, on t his �� day
of June, 1949.
Presented by me to the Mayor of `the City of.
Richmond, on the day, of June, 19491- at the r of
c90 0' C 1 o ck M. C s.'T
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THIS ORDINANCE approved -and signed by me on
the.__; day of June, '1949, at' hour of W Oi Clock
Mayor
ES ATTT:
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