30-72 Amend 129.19 Admin - Water Capital Outlay & Depreciation Fund

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ORDINANCE NO.. 30-72 BY: Messrs.-Usher, Brockman, Gr.aber, Kelley., MagnOtto, McBride AN EMERGENCY 'ORDINANCE to amend Section 129.19 of the Administra- tive Code of-the Codified Ordinances of the City of Lakewood relating to the Water Capital Outlay and Depreciation Fund. WHEREAS, This Ordinance constitutes an emergency measure providing for the usual daily operation of a municipal department; now, therefore, BE' IT ORDAINED BY TIlE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That Section 129. 19 of the Administrative Code of the Codified Ordinances of the City of Lakewood, now reading as follows: Section 129,19 'Wa'ter Capital Outlay an~ Depreciation Fund. There shall be transferred, each year, from the General Water Fund of the Water, Capital Outlay and Depreciation Fund, an amount equal to twenty cents per thousand cubic feet of water sold during the year ending with such surplus; provided'however, that the amount so transferred shall be limited to the excess over fifty thousand dollars ($50,000.00)in the Water Fund at the end of each year; and provided further that in the event said excess is not sufficient to permit the full transfer at the end of any year the deficiency shall be carried over and transferred'in a subse- quent year when the balance is sufficient. Money in. this Fund shall be used for the purpose of making repairs, enlargement or extension.of 'the water works. be and the same is hereby amended to read as follows: Section 1.29.19' Water Capital Outlay and Depreciation Fund. ~There shall be transferred, each year, from the General Water Fund of the Water Capital Outlay and Depreciation Fund, an amount equal to twenty-five cents per thousand cubic feet of water sold during the year ending with such'surplus; provided however, that the amount so transferred shall be limited to the excess over fifty thousand dollars ($50,000.00) in the Water Fund at the end of each such year; and provided further that in the event said ex- cess is not sufficient to permit the full transfer at the end of any year the deficiency shall be carried over and transferred in a subsequent year when .the balance is sufficient. Money in this Fund shall be used for the purpose of making repairs, enlargement or extension of the water works. Section 2. That this Ordinance is hereby declared to b~ an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirmative vote of two-thirds of all 'members elected to Council, it shall take effect and be in force immediately upon its adoption and approval by the Mayor. Clerk