HomeMy WebLinkAboutCity Council Ordinance 1979-26ORDINANCE NO. 79 - 26
AN ORDINANCE RELATING TO ADMINISTRATION OF
CITY GOVERNMENT; ADDING SECTION 320 TO THE
CODE ENTITLED "PUBLIC WORKS RESERVE FUND"
THE CITY COUNCIL OF THE CITY OF PLYMOUTH ORDAINS:
Section 1. The following is added to the City Code as Section 320:
"Section 320 - Public works Reserve Fund."
320.01 Establishment of Fund. Pursuant to M.S.A. 471.57 there is
established a fund to be known as "Public Works Reserve Fund."
- 320.02 Allocation of Monies to Fund. There shall be accumulated
in such "Public Works Reserve Fund" (1) the proceeds of any taxes
leviel for its support, (2) fund earnings, (3) such other revenues as
may be directed by the Council to be place:1 in the fund and are not
required by statute to be paid into some other.,fund or used for
purposes other than those provided in Section 320.03 below.
320.03 Use of Fund. The "Public Works Reserve Fund" shall be
used only for capital improvements of a type, for which the City is
authorized to issue bonds except that it shall not be used for the
construction or acquisition of any steam heat, telephone, gas or
electric plant or system.