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RESOLUTION CONCERNING SETTING THE AMOUNTS WITH CITY WATER AND LIGHT FOR THE CONTINGENCY FUNDS (NOTE: THIS RESOLUTION WAS AMENDED BY RES-77:1875)
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WHEREAS, the City Council of Jonesboro, on February 18. 1952, and Directors of the City Water and Light Plant of Jonesboro, on February 12, 1952, approved a joint Resolution, providing for the disposition of funds derived from the operation of the utilities to be paid into a “Contingency Fund” in the amount of $11,076.10 per year, and said amount was, on June 12, 1956, by Resolution of the Directors of the City Water and Light Plant, increased to $16,702.56, and said fund accumulated to the total of approximately $78,000.00 in the year 1958, when the citizens of Jonesboro voted a 2 ½ mill tax for the construction of a City Hall and Central Fire Station and a Sub-Fire Station. By Resolution dated May 13, 1958, the Board of Directors of the City Water and Light Plant of the City of Jonesboro, having previously agreed to the expenditure of the accumulated $78,000.00 for such purposes, further provided that the yearly payment of $16,702.56 should be devoted to the payment of the $183,700.00 in bonds dated March 1, 1958, so that the actual collection of the 2 ½ mill property tax has not been required and the entire cost of the City Hall and Fire Stations is being paid from the utility revenues. By resolution dated November 11, 1958, the City Council and Directors again increased payments to the “Contingency Fund” by $4,335.34 annually to a total of $21,037.90, and directed that the $4,335.34 increase be paid to the holder of a note for the purchase of a fire truck, which note has subsequently been completely paid, and the $4,335.34 is now being accumulated in a bank account designated “Contingency Fund.”
WHEREAS, after careful study of the growth and projected growth and requirements of debt service, operations and capital improvements necessary to the continued full service to water, sewer and electric users, it...
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