HomeMy WebLinkAboutOrdinance - 6779-1973 - Amending Article V Chapter 2 Adding New Provision 2-38 - 12/13/1973KJ·sw
ORDINANCE NO. 6779 ......:::;.:...;..~----
AN ORDINANCE AMENDING ARTICLE V OF CHAPTER 2 OF THE CODE
OF ORDINANCES OF THE CITY OF LUBBOCK BY ADDING THERETO A NEW
SECTION 2-38 PROVIDING FOR DISTRIBUTION OF ELECTRIC REVENUE;
PROV! DING A SAVINGS CLAUSE AND PROVIDING FOR PUBLICATION.
WHEREAS, the City Council after receiving the recommendation of the
Electric Utility Board, has determined that the changes indicated below would be
in the best interest of the citizens of the City of Lubbock; NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT Article V of Chapter 2 of the Code of Ordinances, City
of Lubbock BE and is hereby amended by adding thereto a new Section 2-38 which
shall read as follows:
Sec. 2-38. Distribution of Electric Revenues.
The actual operation and promotion expenses incurred by the Department o
Electrical Utilities and necessary reserves for repair and expansion shall
be taken from the gross revenue received from electrical sales by Lubbock
Power and Light. The term "gross revenue" shall mean the gross electric 1
operating revenue after the deduction of refunds and allowances. In additio
2o/o of such gross revenue shall be transferred into the General Fund of the
City of Lubbock as a payment equivilant to the franchise tax paid by other
utilities. An additional 6o/o of such gross revenue shall be deposited into
the General Fund of the City as a dividend and to assist in general munici-
pal government operations.
In addition to the above transfers of gross revenue, the City Manager shall
authorize the additional transfer of gross revenues which are determined
necessary to meet the debt service on bonds of other ilnds which are noW' or
may be used for electric purposes and the transfer of received debt service
on electric bonds that may be used for purposes other than electric to the
electric utility fund.
SECTION 2. THAT should any section, paragraph, sentence~ clause,
phrase or word of this Ordinance be declared unconstii.ltional or invalid for any
reason, the remainder of this Ordinance shall not be affected thereby.
SECTION 3. THAT the City Secretary is hereby authorized to cause pub-
lication of the descriptive caption of this Ordinance as an alternative method pro-
vided by law.
AND IT IS SO ORDERED.
assed by the Council on first reading this 13th day of~De=c.:::em;;;;b;;..;e;;.;r;._ _____ ., 1973.
assed by the Council on second reading this 20th day of December , 1973.
Treasurer