Ord 3480 5/15/1979 ORDINANCE NO. 3480
ORDINANCE ESTABLISHING A RESERVE FUND FOR
REVENUES RECEIVED FROM WEST TEXAS UTILITIES
COMPANY WATER PURCHASE CONTRACT.
WHEREAS, under date of January 1, 1977 , the City of
Wichita Falls and Wichita County Water Improvement District
No. 2 entered into a contract with West Texas Utilities
Company, whereby City and Water District shall sell to West
Texas Utilities Company up to 20, 000 acre feet of raw water
- Diversion system per year from the Lake Kemp-Lake e Dive s on yste for o the
operation of such company' s proposed power plant for a period
of sixty years, with an option to extend for an additional
ten years; and,
WHEREAS, the Board of Aldermen deem it to be in the
public interest to establish a reserve fund for the revenues
received from this contract.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN
OF THE CITY OF WICHITA FALLS, TEXAS, THAT:
Ordinance No. 3178 is hereby amended to read as follows:
"There is hereby established a reserve fund to be known
as 'West Texas Electric Fund' , which shall be maintained in
the City' s depository bank. All revenues received from West
Texas Utilities Company under the above described contract
shall be deposited as collected into the West Texas Electric
Fund.
Money in such fund shall be invested, and the revenue
received from such investments shall become part of the fund.
The money in the fund shall be used only for major main-
tenance and capital costs connected with the Lake Kemp-Lake
Diversion water sources and irrigation system and for the
future development and construction of additional water
resources for the City, or for other emergency uses connected
with water and sewer system needs of the City, upon approval
by the Board of Aldermen. "
PASSED AND APPROVED this the 15th day of May, 1979.
M A Y O R
ATTEST:
City Clerk