Ord 3178 4/4/1977 ORDINANCE NO. 3178
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
per year from the Lake Kemp-Lake Diversion system for the
operation of such company' s proposed power plant for a
period of sixty years, with an option to extend for an addi-
tional 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:
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 con-
tract 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
maintenance 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, upon approval by the Board of Alder-
men.
PASSED AND APPROVED this the 4th day of April, 1977.
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ATTEST: A Y 0
City Clerk