85-O-24ORDINANCE NO. 85-0-24
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF EDGEWATER,
FLORIDA, AMENDING SECTION 19-46, TRUST FUNDS, OF THE CODE OF
ORDINANCES OF EDGEWATER, FLORIDA, BY PROVIDING FOR INTRA-
FUND ADVANCES BETWEEN THE TRUST FUNDS FOR THE FINANCING
OF CAPITAL EXPANSION OF EITHER SYSTEM; PROVIDING FOR REPAY-
MENT; CONTAINING A REPEALER PROVISION; A SEVERABR.ITY CLAUSE;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Edgewater, Florida, at their
Regular Meeting of October 21, 1985, directed the City Attorney to prepare an
Ordinance on the subject;
NOW, THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF
EDGEWATER, FLORIDA:
SECTION 1. Section 19-46, Trust Funds, of the Code of Ordinances of the
City of Edgewater, Florida, is hereby amended as follows: *
Sec. 19-46. Trust funds.
There are hereby established two (2) trust funds, one designated
as (1) impact fee capital improvement trust fund for the expansion
of primary water system, and (2) impact fee capital improvement
trust fund for the expansion of primary sewerage system. All
impact fees paid to the city shall be deposited in the appropriate
trust fund to be held in separate accounts and used only for the
purpose of the expansion of the city's primary water supply system
and the primary waste water treatment system. Funds may be
disbursed from these accounts in the customary manner in accord-
ance with appropriate law with the approval of the city council
and city consulting engineer. Any funds on deposit in said trust
funds which are not immediately necessary for expenditure may
be invested in time deposits of banks or trust companies repre-
sented by certificates of deposit fully secured as provided by law
maturing in a period of eighteen (18) months or less. All such
security shall be held by the depository bank, and all income
derived therefrom shall be deposited in the applicable trust funds
as hereinabove established.
The City Council may authorize an intrafund advance between
the above-mentione3 trust funds for the financing o capaal
expansion of either system. Repayment provisions shall be estab-
lished by the City Council at the time such advance is made.
SECTION 2. All ordinances or parts of ordinances and all resolutions or parts
of resolutions in conflict herewith be and the same are hereby repealed.
SECTION 3. If any section, part of a section, paragraph, clause, phrase or
word of this ordinance is declared invalid, the remaining provisions of this ordinance
shall not be affected.
SECTION 4. This ordinance shall take effect immediately upon its adoption
by the City Council of the City of Edgewater, Florida, and approval as provided by law.
* Deleted language has been lined-tgFeegk and new language underscored.
This ordinance was introduced by l �p'r . 4 Yarn&'
This ordinance was read on first reading and passed by a vote of the City Council
of the City of Edgeww,ater, Florida, at a meeting of said Council held on
theq!!�_day of t , 1985, and approved as provided by law.
The second reading of this ordinance is to be at a meeting of the
City Council of the City of Edgewater, Florida, to t held on the day of ,
1985.
ROLL CALL VOTE ON ORDINANCE NO. 85-0- 24AS FOLLOWS:
FIRST READING:
SECOND READING:
II /
MW
Councilman one Thar e
ouncilman-Zone Four Ham`
Mayo'
Counci man -Zone ne _
r
Councilman -Zone Two
�ir�.} -(
Councrlman-.T,�ne ThreE
J nGG`� t'/
uncilman-Zone Four
ATTEST:
i
City Clerk
This ordinance read and adopted on second reading at a eeting of
tic uncil of the City of Edgewater, Florida, and authen is ed thisZ day of
p s 1985.
.� n This or "r nce e
yor pare
Ma
City Attorney
Page 2 of 2 Pages
Ord. 85-0- 24