HomeMy WebLinkAbout008 - 06/28/1956 - CREATING A FUND IN THE DIVISION OF ELECTRIC LIGHT AND POWER OF THE DEPARTMENT OF MUNICIPAL PUBLIC UT ORDINANCE NO 8 1956
CREATINC A FUND IN TFE DIVISION OF ELECTRIC LIGHT
AND POWER OF THE DEPARTMENT OF MUNICIPAL PUBLIC
UTILITIES FOR MAKING EXTENSIONS, IMPROVEMENTS, EN-
LARGEMhNTS AND BETTi]RMENTS OF UTILITIES
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FOU COLLINS
Section 1 There is hereby created a fund for making extensions, im-
provements, enlargements, and betterments of the utilities in the Division of
Electric Light and Power of the Division of the Departnent of MuniciDal Public
Utilities
Section 2 There is hereby transferred to said funo out of the funds
of the Division of Electric Light and Power the sum of $250,000 as of May 31,
1956 Payments into said fund shall be made monthly in the amount of 57,500 per
month until said fund has reached a maximum of 6500,000, provided, however, t�iat
there shall be at all times adequate moneys in the operating account of said
Division to meet current operating budget requirements
Section 3 The moneys in said fund shall be invested in Government
bonds or bonds of the City of Fort Collins by the Director of Finance or in such
other securities as may be authorized by the City Council by resolution
Section 4 Such fund shall be expended for the purpose of making such
extensions, improvements, enlargements, or betterments of zhe utilities in the
Division of Electric Light and Power as may be provided in the annual budget
adopted by the City Council
Introaucea, considered favorably on first read_ng and ordered publ shed
this 17th day of May, A D 1956, and to be presented for final passage on June
28, 1956
Mayor
ATTEST
.y,�f
( City Clerk
Passed and adopted this 28th day of June, A D 195
ayor
A TTEST
City Clerk