HomeMy Public PortalAbout09034 O R D I N A N C E NO. 9034
AN ORDINANCE, establishing a special fund to be known
as the Stormwater Replacement Fund to be maintained on the books
of account of The Metropolitan St. Louis Sewer District to provide
monies to meet the costs of repairing, improving, renewing,
replacing and reconstructing the District's Stormwater System.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. There is hereby created a special fund to
be known as the Stormwater Replacement Fund to be maintained by
the Director of Finance on the books of account of The
Metropolitan St. Louis Sewer District. The monies in the
Stormwater Replacement Fund 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.
Monies credited to the Stormwater Replacement Fund shall be
expended as authorized by ordinance adopted by the Board, solely
to pay the costs of the repair, improvement, renewal, replacement
and reconstruction 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. 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
repair, improvement, renewal, replacement, and reconstruction of
the District's Stormwater System. The amount of monies so
transferred shall be determined by the Board as part of its annual
budget.
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The foregoing Ordinance was adopted June 16, 1993.