33-76 Amend 129.17 Admin - Water Capital Outlay & Depreciation fund

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ORDINANCE NO. 33-76 BY: Messrs. McBride, Salmon, Sinagra, Usher, Brockman, Magnotto AN EMERGENCY ORDINANCE to amend Section 129.19 of the Administrative Code of the Codified iordinances of the City of Lakewood relating to the Water Capital Outlay and Depreciation Fund. WHEREAS, this Council determines that the balance in the Water Fund is excessive and a greater portion should be transferred to the Water Capital Outlay and depreciation fund to facilitate payment of the increasing cost of improvements, and WHEREAS, this Ordinance constitutes an emergency measure providing for the usual daily operation of a municipal department and for the further reason that a change in the transfer of funds from the Water Fund to the Water Capital Outlay and Depreciation Fund should be effected at the earliest possible time; now, therefore, BE IT ORDAINED BY THE 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 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 ($50,000.00) in the Water Fund at the end of each such year; and provided further that in the event said ex- cess is not sufficient to permit the full transfer at the end of any year the deficiency shall be carried over and transferred in a subsequent year when the balance is sufficient. Money in this Fund shall be used for the purpose df making repairs, enlargement or extension of the water works. shall be and the same is hereby amended to read as follows: Effective January 1, 1976 there shall be transferred semi-annually, on June 30th and December 31st of each year, from the Water Fund -account to the Water Capital Outlay and Depreciation Fund, an amount equal to fifty cents ($.50) per thousand cubic feet of water sold during each six month period; provided, however, that the amount so transferred shall be limited to the excess over One Hundred Thousand Dollars ($100,000.00) in the Water Fund at the end of each six month period, and provided further that in the event said excess is not sufficient to permit the full transfer at the end of any'six month period the deficiency shall be carried over and transferred in a subsequent six month period when the balance is sufficient. Money in the Water Capital Outlay and Depreciation Fund shall, be used for the purpose of contract rehabilitation work, enlargement or extension of the water works. Section 2. This Ordinance is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirma- tive vote of two-thirds of all members elected to Council, it shall take effect and be in force immediately upon its adoption and~p~roval by the Mayor and existin Adopted:Oral i nance 39-72~ ~7~L~ad°pted-[~ / ~z March 20, 1972/~/ 7'~ shall_ b e~~.. a~.~.d~e s ame~ ~/ ~by~~zq.___~ea led. Approved: Mayor