HomeMy WebLinkAboutCity Council Ordinance 1979-24ORDINANCE NO. 79-24
AN ORDINANCE CREATING A STORM SEWER RESERVE FUND
FOR STORM SEWER IMPROVEMENT TAX DISTRICT NO. 4
SHINGLE CREEK WATERSHED
THE CITY COUNCIL OF PLYMOUTH ORDAINS:
Section 1. Fund Created. Pursuant to Laws 1979, Chapter 303, Section
15 (the "Act"), there is created a special fund to be known as "Storm Sewer
Reserve Fund - Improvement Tax District No. 4, Shingle Creek Watershed,"
(the "Fund").
Section 2. Tax Levy. In accordance with Subdivision 2 of the Act, the
City may annually levy a tax of not to exceed one mill on all of the taxable
property in Storm Sewer Improvement Tax District No. 4, Shingle Creek Water-
shed, for the support of the Fund.
Section 3. Fund: Source. There shall be accumulated in the Fund (1)
the proceeds of taxes levied pursuant to the Act for its support, (2) invest-
ment earnings of the Fund, and (3) such other revenues and monies as may be
{� directed by the City Council to be placed in the Fund and which are not re-
quired by law to be paid into any other City fund or used for purposes other
than those specified in Section 3.
Section 4. Fund: Uses. Monies in the Fund may be used solely to pay
the capital costs of storm sewer improvement projects identified in the
capital improvement program for Storm Sewer Improvement Tax District No. 4,
Shingle Creek Watershed, 'including principal and interest on obligations
issued by the City pursuant to Minnesota Statutes, Section 444.19.
Section 5. Fund: Termination. Upon the termination of the tax levy
for the support of the Fund for any reason the remaining balances in the
Fund shall be used only for the purposes specified in Section 3, and in
accordance with the provisions of Subdivision 3 of the Act.
Adopted by the City Council the 4th day of September, 1979,
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mayor
Attest:
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v clerk