That the city council of the City of Pottsboro, Texas, shall set aside an amount equal to the operating expenses for approximately 2 months for each department and title this account "Contingency Reserve." Such shall be based on the then-current annual budget.
(Ordinance 99-09-28 Adopted 9/28/99)
The city agrees that it will not take such funds out of said account unless it is a hardship or an emergency to the city. Whether a hardship or emergency exists shall be determined by majority vote of the city council, at its sole discretion. Its decision shall be final.
(Ordinance 99-09-28 Adopted 9/28/99)
Each department fund shall pay to the general fund an amount as set by the budget each year for administrative expenses. This charge shall be construed as a payment for general administrative overhead, including management, accounting, legal, and personnel services. This fee shall be treated as a fund operating transfer. It shall be set at the sole discretion of the city council.
(Ordinance 99-09-28 Adopted 9/28/99)
The City of Pottsboro agrees it shall set aside an amount equal to what is owed on 1977 bond debt for sewer plant indebtedness. The amount set aside will be in an account as to where it draws interest at a fair market rate. The funds from this account must be for the use of paying on old bond indebtedness only and is not to be used for any other department until bonds are paid in full. Amount to be set aside must equal the total debt due as of date of acceptance of this article. These funds shall not be used unless authorized by majority vote of city council.
(Ordinance 99-09-28 Adopted 9/28/99)