Lamar_WCPlan_Applic - Laserfiche WebLink

Home Browse Search

,I I \ I I I I I I I I I I I I I I I I I Charter - Utilities Board - Section 7-5 expense~: of the utility operation and, except for the first two years of operation, all bond interest and redemption costs of the utility operation, No resolution fixing rates shall be finally adopted until published in full two times, at least ten days apart. The resolution shall not become effectiv~~ until the fifth day after the last publi- cation. A public hearing shall be called prior to final passage of a rate increase by the Board. The Board may require reasonable deposits as security for the payment of charges for utility services and may provide for the return of the deposits, and interest on deposits as determined by the Board, when satisfactory consumer credit has been established. (g) Authority for expenditures. No money shall be drawn from the funds of the department nor shall any obligation for the expenditure of money be incurred except as authorized by the Board, and not to exceed the annual budget. (h) Short term loans. The Board may bor- row money for periods not to exceed two years and may issue negotiable notes, payable from the revenues of the department, as evidence of the loans. The action of the Board may be by resolutions which may be adopted at the same meetings at which introduced arid shall take effect immediately upon adoption. (i) Promotion expenditures. The Board may authorize reasonable expenditures to adver- tise and otherwise promote the use of the ser- vices of the department and to acquaint the pub- lic with the operations, programs, and planned expans;lon of the department. (j) Investment and utilization of reserve funds. The Board may invest reserve funds of the department only in such a manner as is allowed by the Colorado Public Deposit Protection Act, being c.R.S. ~ 11-10.5-101 et seq. In addition, the Board may disburse as a one-time transfer to the City a portion of reserve funds available to the Board, with such funds to be used for the City's capital improvements consisting of contributions to construct a public pool and Senior Center complex so as to improve the City infrastructure. Such transfi~r shall be a one-time transfer not to exceed nine hundred fifty thousand dollars to be paid only as a supplement to City and grant funds and public donations. Such Board reserve funds as may be paid over unto the City pursuant to Article X, Section 20 of the Colorado Constitution and shall be in addition to the Charter appropriation established by Section 11-2 of the Home Rule Charter of the City of Lamar. (k) Accounting and budget reports. The Board in addition to the reports and accounting it may otherwise be required by law to make, shall not later than the first day of February in each year, furnish the Council its annual report which shall include the following statements as of the end of the preceding fiscal year. ( 1 ) A balance sheet and operating state- ment showing the financial condition of the department, prepared according to generally accepted public utility accounting principles; (2) Any additional supporting state- ments or schedules deemed necessary and desirable by the Council to make a clear and informative presentation of the financial position of the department. The reports shall be kept on file in the City Clerk's office and shall be open to public inspection. The Board shall annually prepare and submit to the Council, at a time designated by Council, a budget forecast for the ensuing year. (1) Delegation of powers. The Board may delegate in writing any of its powers to officers or employees responsible to it. (m) The Board shall advertise and call for bids on all items to be purchased by bid for the department as prescribed in this Charter. (Ord. No. 1009 passed at Nov. 2, 1999 election) C-12