HomeMy WebLinkAbout090 - 10/03/1978 - ESTABLISHING A TELEPHONE FUND OF THE CITY, SETTING FORTH THE PURPOSE AND LIMITATIONS OF SUCH FUND AN ORDINANCE NO 90 , 1978
BEING AN ORDINANCE ESTABLISHING A TELEPHONE FUND
OF THE CITY, SETTING FORTH THE PURPOSE AND
LIMITATIONS OF SUCH FUND AND SPECIFYING THE
ASSETS OF SUCH FUND.
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
Section 1 Pursuant to Section 27 of Article v of the
Charter of the City of Fort Collins, there is hereby created a
fund to be known as the Telephone Fund
Section 2 There shall be transferred into said fund as
of the effective date of this ordinance, all assets then on
hand necessary for the purposes for which said fund is created
All such assets thereinafter acquired by the City shall also
be placed in said fund.
Section 3 All amounts received by said fund on account
of the use of telephone equipment belonging to the fund by other
departments of the City and all amounts appropriated by the City
Council to such fund shall be placed in the Telephone Fund
Section 4 Expenditures shall be made from such fund for
the purpose of maintenance of the City's telephone equipment,
replacement of such equipment, and payment of telephone line
service charges. If at any time the City Council finds and
determines that there are amounts of cash in such fund in excess
of the amount required to satisfy the purpose of the fund,
the Council, by ordinance, may authorize the transfer of such
excess amounts to any other fund of the City
Section 5 Moneys in the fund herein created shall be
in the custody of and managed by the Director of Finance The
Director of Finance shall maintain accounting records and account
for all of said moneys as provided by law Moneys in the fund
shall be invested or deposited by the Director of Finance in
accordance with the provisions of law All income from the
assets of the fund shall become a part of the fund and shall
be used for the purpose for which such fund was created;
provided, however, that except as otherwise provided in this
ordinance or by other ordinances or laws or by the Charter of
the City, the City Council may transfer out of the fund any
amount at any time to be used for such purpose as the Council
may direct.
Introduced, considered favorably on first reading, and
ordered published this 19th day of September , A D
1978, and to be presented for final passage on the 3rd day
of October , A D. 1978
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Passed and adopted on final reading this 3rd day of October,
A.D. 1978
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