Title
AN ORDINANCE TO ESTABLISH RESTRICTED ACCOUNTS FOR THE FIRE HYDRANT MAINTENANCE AGREEMENT AND TO AMEND THE 2010 BUDGET TO APPROPRIATE MONIES FOR THE EXPENDITURE OF FUNDS PERTAINING TO THE AGREEMENT
BODY
WHEREAS, City Water and Light Plant of the City of Jonesboro, Arkansas (CWL) and the City of Jonesboro, Arkansas (City) did enter into a contract on the 22nd day of July, 2009, said contract being titled Fire Hydrant Maintenance Agreement (Agreement); and,
WHEREAS, Agreement did provide for the payment by CWL of monies to City, for and in consideration of Citys agreement to provide services to maintain CWLs network of fire hydrants; and,
WHEREAS, Agreement requires that funds paid to City are to be used strictly for the purposes designated therein; and,
WHEREAS, there remained $140,186.16 in funds unspent from the 2009 payment of $150,000.00 at the end of 2009, and these monies are needed in the 2010 budget year for expenditures related to the performance of the Agreement by City; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS THAT:
SECTION 1: Accounts will be established in the financial records of City to record the receipts, disbursements, and funds pertaining to the Agreement, and said accounts are to be designated as restricted for the purpose of segregating monies specific to the Agreement.
SECTION 2: The 2010 Budget of the City of Jonesboro, Arkansas is hereby amended to provide for the appropriation of the $140,186.16 in funds remaining at the end of 2009, to be used for the purposes specified in the Agreement.
SECTION 3: It being necessary that the finances of the City of Jonesboro, Arkansas be efficiently administered and accounted for, and whereas this ordinance is necessary for the proper execution of contractual obligations, an emergency is declared to exist and this ordinance shall be in full force and effect from and after its passage and approval.