HomeMy WebLinkAboutResolution - 082549B - Water & Sewer Extension Reserve Fund Established - 08_25_1949 RESOLUTION
WHEREAS, the City Commission has authorized the execution of contracts for
the extension of crater a Wor sewer lines, under conditions heretofore established
by it and considers it necessary to establish a fund to make repayments according
to the terms of such contracts, THEREFORE,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCKt
a a
SECTION 1. That the Water and Sewer Extension Reserve Land is hereby
established.
SECTION 2. When mower and/or water extensions are made under contract with
developers or owners who finance all or wW part of any such extension, ten (10%)
per cent of the amount paid to the City by the contracting parties shall be placed
in the WATER AND SEWER EXTENSION RESERVE FUND and such fund shall not be used for
and purpose except to repay the owners or developers according to the terms of the
individual contracts.
SECTION 3. Ten (10%) per cent of the actual cost of each such extension
shall be charged against and paid for out of-the General Fund.
AND IT IS SO ORDERED.
On motion of Commissioner Whiteside , seconded by Commissioner
-., of§tedlpzthe foregoing Resolution was unanimously passed by an affirmative vote
-of the City,Commission this 25 day off ugus t.-, 1949.
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City Secretary
cct City Auditor, City Engineer &
Director of Public Works