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HomeMy Public PortalAbout13337ORDINANCE NO. 13337 AN ORDINANCE, amending Ordinance No. 8658, as adopted May 13, 1992, by repealing Section Two, Section Three and Section Four and enacting a new Section Two, Section Three and Section Four in lieu thereof, and authorizing the Director of Finance to make transfers between the Sanitary Replacement Fund, and any other appropriate fund, to accommodate the accounting of costs and proper capture of capital-related expenses for any project whenever it is deemed necessary. These transfers shall be made such that the total encumbrance between the two funds never exceeds the total appropriation value for any project. WHEREAS, in keeping compliant with Governmental Accounting Standards Board (GASB) Statement No. 54, the Sanitary Replacement Fund will use monies only for those projects resulting in capitalized expenditures. This shall include all projects related to the District's Wastewater System. NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT: Section One. Section Two of Ordinance 8658, as adopted May 13, 1992, is hereby amended and shall read as follows: "Section Two. Replacement Fund. That there is hereby created a fund to be known as the Sanitary Replacement Fund. The monies in the Sanitary Replacement Fund shall be maintained by the Secretary-Treasurer of the District, shall be invested in accordance with applicable provisions of the District's Plan relating to the investment of other District funds, and the net earnings on such investments shall be deposited in the Sanitary Replacement Fund. The books of account shall be maintained by the Director of Finance. In keeping compliant with GASB Statement No. 54, the Sanitary Replacement Fund will use monies only for those projects resulting in capital expenditures. This shall include all projects related to the rehabilitation and/or replacement of the District's Wastewater System. Funds in the Sanitary Replacement Fund shall be expended as authorized by ordinance adopted by the Board. Should a balance remain in the Sanitary Replacement Fund at the end of any fiscal year, then said balance shall be carried forward in the Sanitary Replacement Fund and used for the purposes of such fund in the following year." Section Two. Section Three of Ordinance No. 8658, as adopted May 13, 1992, shall be amended to add the following language: "Section Three. Transfers to Sanitary Replacement Fund. The Board shall transfer annually a portion of the funds collected from the Wastewater User Charge to the Sanitary Replacement Fund. The amount of funds to be transferred shall be determined by the Board as a part of its annual budget. The Director of Finance is hereby authorized to make transfers between the Sanitary Replacement Fund #6660, and any other appropriate fund, to accommodate the appropriate accounting of costs and proper capture of capital-related expenses for any project whenever it is deemed necessary. These fund transfers shall be made such that the total encumbrance between the two funds never exceeds the total appropriation value for any project." Section Three. Section Four of Ordinance 8658, as adopted May 13,1992, is hereby amended and shall read as follows: "Section Four. Replacement Policy. The Board conducts a review of its schedule of Wastewater User Charges, not less often than every two years, to assure that such schedule of Wastewater User Charges maintains the proportionate distribution of cost of service among users and user classes and generates sufficient revenue to pay the total capital costs of the Wastewater System. The Board, as a part of such review, shall include in the Wastewater User Charge funds for the rehabilitation and replacement of the Wastewater System as required by the Clean Water Act, the Missouri Clean Water Act, the District's Grant Agreements and the rules and regulations of the United States Environmental Protection Agency, as is consistent with good accounting and rate-making principles, and as is necessary, proper and advisable to assure that the Wastewater System will remain operable for current and future customers of the District." The foregoing Ordinance was adopted December 8, 2011.