Ord 1905COUNCIL BILL No. 845
ORDINANCE No. 1905
AN ORDINANCE ESTABLISHING A WATER DIVISION FACILITY EQUIPMENT REPLACEMENT
SINKING FUND AND PROCEDURES FOR FUNDING.
WHEREAS, the City of Woodburn is responsible for the proper oper-
ation and maintenance of the water production, storage and delivery facili-
ties and
WHEREAS, the management criteria requires the City to maintain a
long term equipment replacement sinking fund and
WHEREAS, the life of the equipment is calculated to be 10 to 20
years and
WHEREAS, it will become necessary to replace a sizeable portion of
the $240,155 equipment inventory which range from 10 to 25 years in age and
WHEREAS, a sinking fund of $12,500 per year plus interest would assist
in the maintenance of the Water Division facility equipment replacement, now,
therefore,
THE CITY OF WOODBURN ORDAINS AS FOLLOWS:
Section 1. There is hereby established the Water Division facility
equipment replacement sinking fund within the City of Woodburn Budget into
which there shall be deposited the revenues from water fund in the amount of
$1,563.00 for the fiscal year 1985/86, $3,125.00 for the fiscal year 1986/87,
$6,250.00 for the fiscal year 1988,89 and $12,500.00 thereafter each succeding
year until the year 2006.
Section 2. The City Recorder is directed to pay into the Water Division
facility equipment replacement sinking fund the sums outlined in Section 1 of
this ordinance and any interest earned or to be earned on its investment.
Page 1 - COUNCIL BILL No, 845
ORDINANCE No. 1905
Section 3. The sinking fund and all transactions related thereto
shall be administered as prescribed by Oregon Revised Statutes, City Charter,
general municipal accepted accounting procedures.
Section 4. That all monies deposited to this fund shall be reserved
for the improvement and replacement of the water division facility equipment.
Section 5. That any monies remaining in this fund after year 2006
are to be allocated to future water division facility expansion and/or replace-
ment.
Approved as to form: ~ . U ~``` ~ ~~"' ~ -°~°W ~ ~ "~ ~~~
City ttorney Date
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__ __ __
APPROVED ~~«<-.~~
`~W LLIAM COSTIN MAYOR .__,
Passed by the Council
Submitted to the Mayor
Approved by the P~layor
Filed in the Office of the Recorder
December 10, 1984
December 11, 1984
December 11, 1984
December 11, 1984
ATTEST: ~ s ~~ ~
ARNEY . BURRIS, Recorder
City of Woodburn, Oregon
Page 2 - COUNCIL BILL No. 845
.ORDINANCE No. 1905