HomeMy Public PortalAbout13338ORDINANCE NO. 13338
AN ORDINANCE, amending Ordinance No. 9034, as adopted June 16, 1993, by
repealing Section One and Section Two and enacting a new Section One and Section Two in lieu
thereof, and authorizing the Director of Finance to make transfers between the Stormwater
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 Stormwater Replacement Fund will use monies only for
those projects resulting in capitalized expenditures. This shall include all projects related to the
District's Stormwater System.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. Section One of Ordinance 9034, as adopted June 16, 1993, is
hereby amended and shall read as follows:
"Section One. That there is hereby created a special fund to be known as
the Stormwater Replacement Fund. The monies in the Stormwater
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 Stormwater
Replacement Fund. The books of account shall be maintained by the
Director of Finance. In keeping compliant with GASB Statement No. 54,
the Stormwater Replacement Fund will use monies only for those projects
resulting in capital expenditures. This shall include all projects related to
the rehabilitation, replacement and/or new construction of the District's
Stormwater System. Should a balance remain in the Stormwater
Replacement Fund at the end of any fiscal year, then said balance shall be
carried forward in the Stormwater Replacement Fund and used for the
purposes of such fund in the following year."
Section Two. Section Two of Ordinance No. 9034, as adopted June 16, 1993,
shall be amended to add the following language:
"Section Two. The Board of Trustees shall transfer annually a portion of
the monies credited to its Stormwater Revenue Fund to the Stormwater
Replacement Fund to fund the improvement, renewal, replacement,
reconstruction, and extension of the District's Stormwater System. The
amount of monies so transferred shall be determined by the Board as part
of its annual budget. The Director of Finance is hereby authorized to
make transfers between the Stormwater Replacement Fund #6700, 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."
The foregoing Ordinance was adopted December 8, 2011.