Ordinance No. 62-26 ..9.
a
2 CITY OF TIGA//RD/
ORDINANCE NO. L^
4
5 AN ORDINANCE i CONFIRMING, AND ESTABLISHING A
SEWER PLANTSINKING FUND AND PROVIDING FOR
6 THE DEPOSIT THEREIN OF FUNDS HERETOFORE RESERVED, AND
AUTHORIZING INCREMENTS THERETO
7
8
9 WHEREAS, and having heretofore been accumulated by the
Tigard Sanitary Disrrict and by the City of Tigard the sum of
10 $ �5g,go0 to construct expansion of or improvements to
the sewer treatment facilities of the said former Tigard Sani-
s id funds he-;7ing
11 tart' District and of the city oZiignru, eoi.. �..�...� o
heretofore and now being investEd as directed by the Board of
12 Directors of said District and of City Council and later by
is the City Council of Tigard, Oregon; and
WHEREAS it is the purpose of the City Council of Tigard
14 to hereby ratify, confirm, and establish a reserve fund for
financing the construction of new sewer treatment facilities or
15 the improvement or enlargement of existing treatment facilities
and to provide for all heretofore accumulated funds set aside
16 for such purposes to bc established on the records of the City
ir. a Sewer Plant Construction Fund and to authorize increments
17 thereto from time to time as fund may become available from
sewer connection charges, service charges, and other sources;
is
NOW, THEREFORE,
19
IT IS ORDAUTED by the Council of the CITY OF TIGARD:
90
Section 1: That there is hereby established a financial reserve
21 or special sinking fund for the purpose of accumulat-
ing funds wherewith to finance the construction of new sewer
22 treatment facilities or the enlargement or reconstruction of
existing facilities, said fund to be known as the CitV of Tigard
23 Sewer Plant Improvement Sinking Fund.
24 Section 2: That there is hereby required to be accounted for
as part of said sinking fund all moneys heretofore
25 reserved and set aside or now invested for said purposes totalix�
the sum of $ C . D , and the City Treasurer of Tigard is
26 hereby directed and requ red to reserve, set aside and account for
saidfundsaccordingly.
27
Section 3: That additional funds annually in such amount as the
28 """ City Council of the City of Tigard may determine,
shall be added to the said fund and become part thereof, provided
29 that all amounts so reserved are obtained within the 67. limitation
'Y of Article XI, Section 11, Oregon Constitution, and further
30 provided that accumulations with respect to said fund shall be
3I 3.�ted to a period not exceeding ten (10) years from the date
of b ginning of the accumulatLon of said fund, said date being
32
Page 1 - ORDINANCE N0. �o
c=
r_
2 Section 4: Any balance of said fund not expended or obligated
within a period of twelve (12) years from the date
3 of hPainninQ of accumulation of said find shall automatically
revert to tgie General Fund of the City of Tigard, Oregon
4
Section 5: Additional funds may be budgeted beyond the 6%
5 limitation of Article XI, Section 11 Oregon
constitution, and set aside as part of said sinking fund if,
6 as, and when approved by vote of the people of the City of
Tigard, Oregon.
7
8
9
! 10 PASS®: By the City Council, this 1I� day of
,, .00nnurn. xy the Mavor. this / , day of 196 ti
12
13
14
15
16
1; Mayor City of Tigard
18
1s Atte
20'
21,
Clerk - City o Tigard
22:
23
24
2s
26
27'
28'
29
30
31 :
32
Pegs 2 ORDINANCE N0.