HomeMy WebLinkAboutOrdinances Book 12, Page 216, No Ordinance Number216/
V
AN ORDINANCE PROVIDING FOR TiiE ESTABLISHMENT AND MAINTENANCE OF A PUBLIC WORIGS
CUMULATIVE RESERVE FUND IN THE SUM OF $35,000.00 FROM THE ACCUMULATION OF SURPLUS
REVENUES OF THE CITY OF PADUCAH, KENTUCKY, IN THE YEAR 1950; DESIGNATING THE PURP
FOR WHICH SUCH PUBLIC WORKS FUND IS CREATED; AND PROVIDING FOR THE EXPENDITURE OF
SUCH FUND
WHEREAS, under Chapter 142 of the acts of the General Assembly of the Common-
wealth of Kentucky at its 1944 Session, being KRS 66.410 to 66.460, a city of the
second class is authorized, through its legislative body, to establish and maintain
a Public Works Cumulative Reserve Fund to provide money for paying all or part of
the cost of a long range program of municipal public works; into which fund may be
paid, transferred or credited any money whether arising from taxes, loans, gifts,
grants or otherwise; and,
WHEREAS, the sum of ?'35,000.00 of the accumulated surplus of the revenues de-
rived from the operation of the city government during the year 1950 is available
for transfer to such public works reserve fund, and under the amended apportionment
ordinance adopted on November 28th, 1950, the surplus accumulation of funds in the
sum of 135,000.00 has been allocated for that purpose;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMIJISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1. That the sum of X35,000.00 be, and it is hereby transferred from
the general fund of the City of Faducah to create a special fund to be known as the
Public Works Cumulative Reserve Fund, and said fund, together with such other sur-
pluses or the taxes or other revenues the legislative body of the city may, by
ordinance, hereafter transfer or add to said fund, shall be used to acquire, con-
struct, maintain, alter, repair or improve any streets, sidewalks, alleys, bridges
or other public ways of the City of Paducah, and to maintain, repair and improve the
flood protection wall, and to purchase, repair and maintain the machinery, equipment
and other facilities necessary for such purposes.
SEC TI Oil 2. The Public aor ks Cumulative Reserve Fund shall be kept in a separat
account and shall only be paid out pursuant to ordinances adopted by the legislatibe
body which shall determine wheg., and in what amount, the money in the Public Works
Cumulative Reserve Fund shall be expended, and make provision for its withdrawal and
expenditure for the purposes set forth in Section 1 of this ordinance.
SECTION 3. The sum of $35,000.00 transferred to said Public Works Cumulative
Reserve Fund, together with such ether funds as may, from time to time, be trans-
ferred thereto by ordinance for the purposes provided herein, shall not at any time
be subject to lapse into any other fund or become a surplus available for, or which
may be used for any purposes other than those specified in this ordinance.
}
217
SECTION 4. This ordinance shall be in full force and effect from and after
its adoption.
its
r — :ayor�A
Passed by the Board of Commissioners December 29, 1950
Recorded by Sarah Thurman, City Clerk, December 29, 1950.
s