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ORDINANCE NO. 93-0-11
AN ORDINANCE AMENDING ARTICLE III (SEWERS) OF
CHAPTER 19 (UTILITIES AND SERVICES) OF THE
CODE OF ORDINANCES, CITY OF EDGEWATER,
FLORIDA, BY ADDING SECTION 19-38 ESTABLISHING
A SEWER SYSTEM CAPITAL IMPROVEMENT ACCOUNT;
PROVIDING FOR CONFLICTING PROVISIONS,
SEVERABILITY AND APPLICABILITY; PROVIDING FOR
CODIFICATION, AN EFFECTIVE DATE AND FOR
ADOPTION.
WHEREAS, the City Council of the City of Edgewater, Florida,
has made the following determinations:
1. Section 17-501.610(b), Florida Administrative Code,
requires the establishment of a Sewer System Capital Improvement
Account related to the State Small Communities Trust Fund grant.
2. section 19-38 should be added to meet the requirement for
the establishment of a Sewer System Capital Improvement Account.
NOW THEREFORE, BE IT ENACTED by the People of the City of
Edgewater, Florida:
PART A. AMENDMENT OF ARTICLE III (SEWERS) OF CHAPTER 19
(UTILITIES AND SERVICES) OF THE CODE OF ORDINANCES
Section 19-38 is added to read as follows:
Section 19-38. Rcocrvcd Sewer System Capital Imorovement Account
(a) A Sewer System Capital Improvement Account is established
pursuant to section 17-501.610(b), Florida Administrative Code, to
accumulate the equivalent future value of the State Small
Communities Trust Fund grant of $2,226,412.
For the purpose of
this requirement, accumulation of the equivalent future value of
the grant amount shall mean total deposits during the design life
of the project.
Fulfillment of the capital improvement account
requirement will be based on the total amount of the deposits
rather than the total value of the account.
Investment income
resulting from the deposits shall become part of the account and
shall be subject to the provisions for withdrawals.
(b) Capital improvement shall not include the replacement or
repair of equipment, access6ries, or appurtenances necessary to
maintain design capacity and performance during the design life of
all treatment works. However, capital improvement may include such
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repair and replacement if they are part of a treatment plant or
pumping station capacity expansion, or upgrade necessary to meet
more stringent effluent limitations required by a regulatory
agency, or are necessitated as the result of manmade or natural
disasters.
Deposits and withdrawals from the account shall be
governed by the following provisions:
( 1) Revenue shall be deposited annually (or, at the
City's election, on a more frequent basis) into the sewer system
capital improvement account not later than the end of each one year
period beginning with the date of initiation of operation of the
complete grant funded treatment works. The amount of the required
yearly deposits(s) shall be determined according to the following
formula:
D=GX[ill + i)DLJ
(1 + i) DL_1
Where:
D = The amount of total yearly deposit(s) = $223,309
G = The grant amount = $2,226,412
DL = The design lift ( in years) of the grant funded
project = 20 years
i = The projected annual inflation rate, which is set
at 7.8 percent.
(2) Revenue may also be deposited on other than an
annual basis provided the total amount deposited is equal to, or
greater than, the sum of the deposits required at that time.
Prepayments to the account are allowable.
(3) The City may terminate deposits to the account when
the sum of all deposits exceeds (or is equal to) $4,466,180 the
amount determined by multiplying "DL" by "D", where "DL" and "D"
are as described above.
(4) The accrued funds shall be used only for sanitary
sewer system capital improvements and may be withdrawn and used
anytime for this purpose.
Since such withdrawn funds represent
previously collected revenues (and income earned thereon), the
amount of withdrawn funds need not be replaced or returned to the
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capital improvement account.
(5) Any part of the sewer system capital improvement
account may be included within a pooled cash system for investment
purposes or wi thin a capital improvement account under a bond
program, provided it is pledged solely to sewer system capital
improvements and its identity is maintained through separate
accounting. The sewer system capital improvement account shall not
be pledged or used for any other purposes. This provision shall
not authorize any deviation from the requirements of this section
or bond convenants.
(6) The City shall submit to the Florida Department of
Environmental Regulation for each fiscal year, certification by a
certified public accountant that the sewer system capital
improvement account is maintained in accordance with Chapter 17-
501,Florida Administrative Code.
PART B.
CONFLICTING PROVISIONS.
All conflicting ordinances and resolutions, or parts thereof
in conflict with this ordinance, are hereby superseded by this
ordinance to the extent of such conflict.
PART C.
SEVERABILITY AND APPLICABILITY.
If any portion of this ordinance is for any reason held or
declared to be unconstitutional, inoperative, or void, such holding
shall not affect the remaining portions of this ordinance. If this
ordinance or any provisions thereof shall be held to be
inapplicable to any person, property, or circumstances, such
holding shall not affect its applicability to any other person,
property, or circumstance.
PART D.
CODIFICATION.
provisions of this ordinance shall be incorporated in the Code
of Ordinances of the City of Edgewater, Florida, and the word
"ordinance", may be changed to "section", "article", or other
appropriate word, and the sections of this ordinance may be
renumbered or relettered to accomplish such intention; provided,
however, that Parts B through F shall not be codified.
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PART E. EFFECTIVE DATE.
This ordinance shall take effect upon adoption.
PART F. ADOPTION.
After Motion by Councilwoman Martin and Second by Councilman
Jones, the vote on the first reading of this ordinance held on July
19, 1993, was as follows:
Mayor Jack H. Hayman, Sr. AYE
Councilman Kirk Jones AYE
Councilwoman Louise A. Martin AYE
Councilman Mike Hays AYE
Councilman David L. Mitchum AYE
After Motion by Councilman Hays and Second by Councilwoman
Martin, the vote on the second reading of this ordinance was as
follows:
Mayor Jack H. Hayman, Sr. ABSENT
Vice Mayor Kirk Jones AYE
Councilwoman Louise A. Martin AYE
Councilman Mike Hays AYE
Councilman David L. Mitchum AYE
PASSED AND DULY ADOPTED this 3rd day of August, 1993.
CITY COUNCIL OF THE
CITY U'("4
DGGEEWATERR,, FLORIDA
By: a� /
Kirx Jpn
Vice or
APPROVED FOR FORM
AND CORRECTNESS: q�
Krista A. Storey ,
City Attorney
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