Explanation
The purpose of this ordinance is to create a Storm Sewer System Permanent Improvement Fund. Money deposited into the fund will come from funds arising from capital projects heretofore completed or in the process of completion. The purpose of any expenditure from the fund will be limited to future capital projects.
The Storm Sewer System Permanent Improvement Fund will be maintained in the custody of the City. Monies held in the Fund may used to pay costs of improvements to the Storm Sewer System.
Title
To authorize the City Auditor to create and maintain a Storm Sewer System Permanent Improvement Fund.
Body
WHEREAS, it has been determined that there is a need for a Storm Sewer System Permanent Improvement Fund; and
WHEREAS, money deposited into the fund will come from funds arising from capital projects heretofore completed or in the process of completion and the purpose of any expenditure from the fund will be limited to future capital projects; and
WHEREAS, the Storm Sewer System Permanent Improvement Fund will be maintained in the custody of the City; and
WHEREAS, monies held in the Storm Sewer System Permanent Improvement Fund may used to pay costs of improvements to the Storm Sewer System; now therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Auditor be and is hereby authorized to create a Storm Sewer System Permanent Improvement Fund.
Section 2. That money deposited into the fund will come from funds arising from capital projects heretofore completed or in the process of completion and the purpose of any expenditure from the fund will be limited to future capital projects
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.