HomeMy Public PortalAbout02042 O R D I N A N C E NO. 2042
AN ORDINANCE, transferring Five Hundred Thousand
Dollars ($500,000.00) to the Improvement Fund as loans from the
three funds named, appropriating the same sum from the Improvement
Fund as an advancement for the entire costs of constructing
sanitary sewers in Subdistrict No. 250 (Ford Lane Trunk), and
providing for repayment of such loans and advancement.
WHEREAS, proceedings have been taken for the
construction of sanitary sewers in Subdistrict No. 250 (Ford Lane
Trunk) to be paid for by special tax bills or other evidence of
special benefit assessments upon the land benefitted by such
improvement, and
WHEREAS, the Department of Housing and Urban
Development, United States of America, has approved a grant in aid
of financing such improvement conditioned on the advance payment
of costs in cash by the District,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. The sum of Fifty Thousand Dollars
($50,000.00) is hereby lent and transferred from the
unappropriated surplus of the Coldwater Creek Sewer Extension and
Improvement Fund to the Improvement Fund as a first priority
charge against any moneys received by the Improvement Fund for the
cost of improvements in Subdistrict No. 250 (Ford Lane Trunk).
Section Two. The sum of Two Hundred Thousand Dollars
($200,000.00) is hereby lent and transferred from the
unappropriated surplus of the Mississippi River Subdistrict
General Fund to the Improvement Fund as a second priority charge
(after that provided in Section One) against any moneys received
by the Improvement Fund for the cost of improvements in
Subdistrict No. 250 (Ford Lane Trunk).
Section Three. The sum of Two Hundred Fifty Thousand
Dollars ($250,000.00) is hereby lent and transferred from the
unappropriated surplus of the General Fund of the District to the
Improvement Fund as a third priority charge (after those provided
in Sections One and Two) against any moneys received by the
Improvement Fund for the cost of improvements in Subdistrict No.
250 (Ford Lane Trunk).
Section Four. The sum of Five Hundred Thousand Dollars
($500,000.00) is hereby appropriated from the Improvement Fund to
be used for advancements for the entire costs of constructing
sanitary sewers in Subdistrict No. 250 (Ford Lane Trunk), pending
payment into the Improvement Fund of the costs hereby advanced
from federal grants in aid, cash payments in aid from any other
source, and from the proceeds of collection of special benefit
assessments levied, or special tax bills issued, to pay such
costs.
Section Five. The anticipated payments, together with
any interest earned shall be paid into the Improvement Fund named
in Section Four and shall be transferred by the Director of
Finance from the Improvement Fund to the lending Funds named in
Sections One, Two and Three as received and in the order specified
in such sections.
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Section Six. This Ordinance, being an appropriation
Ordinance, shall take effect immediately upon its enactment.
The foregoing Ordinance was adopted May 25, 1970.