HomeMy WebLinkAboutOrdinance - 1330-1953 - Establishing A Special Fund Designated The Reserve And Insurance-Payment Fund. - 01/22/1953~ory
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ORDINANCE NO. 1330 ------
AN ORDINANCE ESTABLISHING A SPECIAL FUND DESIGNATED THE
IIRESERVE AND INSURANCE-PAYMENT FUND"; PROVIDING FOR PAYMENT
INTO AND OUT OF SAID FUND; PROVIDING ANNUAL SUPPLEMENTS TO
THE FUNDi AND DEClARING AN EMERGENCY,
WHEREAS, in the daily operation of the City's business~ the Commis-
sion finds that no fund has been established out of which insurance premiums
and other proper items~ including authorized claims~ are to be paid, and it
-is deemed advisable to set up a special fund for such purpose and provide a
method o£ supplementing the fund for the paymentof required premiums, etc.;
THEREFORE,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
SECTION 1. There is hereby established a fund designated as
RESERVE AND INSURANCE-PAYMENT FUND, out of which shall be paid all
insurance premiums of the City, including the payment of such claims as may
be duly authorized by resolution or order of the Commission.
SECTION 2. The initial fund for such Reserve and Insurance-Payment
Fund shall be in the total sum of Twenty-Five Thousand and No/100 ($25, 000. 00)
Dollars for the fiscal year of 1952-53, as authorized by Minute Book 11, page
70, Paragraph 132, and all money remaining on deposit at the end of any fiscal
year shall remain in said fund as a reserve, which fund shall be supplemented
each year in the sum of Twenty-Five Thousand and No/100 ($25, 000. 00} Dollars
unless otherwise provided by resolution of the Commission, and said fund shall
not be used for any purpose other than as stated in this ordinance unless by
express authorization of the Commission.
SECTION 3. Due to the fact that the fund created by this ordinance is to
be used in the daily operation ofthe City's business and no fund has heretofore
been established for the purposes stated, creates an emergency and the imme-
diate passage of this ordinance declared to be an emergency measure, which
requires that the rule requiring proposed ordinances to be read at separate
meetings he:di$.pens.ed with, and all such rules are hereby suspended and this
ordinance shall be effective from the date of its passage.
AND IT IS SO ORDERED.
On motion of Commissioner Carpenter , seconded by Commis------~------------
sioner Thomas , tlre 'foregoing Ordinance was passed on first ------~_.----~------
reading this ??nd day of -~~~on~ua ... ,;;aa..,._4....-----, 1953, by the following vote:
Commissioners voting 11YEA'~: Morris , Carpenter, Davis, Thonas and
Mayor Tripp
Commissioners voting 11 NAY11 : Nom
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ATTEST:
--L}_~;IIL~ .!?::.: .. --------Lav!,_'f:!towe, C~~~ry-Treasurer
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1-21-53