Chapter 3.95
UTILITIES CAPITAL IMPROVEMENT FUND
Sections:
3.95.020 Transfer of water-sewer systems revenue.
3.95.010 Established.*
(1) A budget fund of the town of Twisp to be known as “utilities capital improvement fund” is hereby created and established. All “latecomer” charges and fees which the town is entitled to make, receive, and retain pursuant to this chapter shall be deposited in said fund. Expenditures therefrom shall be made solely for the purpose of construction and installation of capital improvements, extensions, and additions to the water distribution and/or sewerage collection utility systems of the town.
(2) All receipts and expenditures shall be provided for in the annual budget estimates of the town and expenditures from said fund shall be made solely for the purposes herein provided and as authorized and approved by the town council. (Ord. 291 § 4, 1984)
*Code reviser’s note: For provisions concerning latecomer charges and fees, see Chapter 13.15 TMC.
3.95.020 Transfer of water-sewer systems revenue.
(1) There shall be set aside out of the combined gross revenues, exclusive of the applicable utility excise tax, 5.33 percent of such gross revenues, such amounts to be transferred and paid into the utilities capital improvement fund as created by TMC 3.95.010.
(2) The funds paid into said utilities capital improvement fund shall be used solely for the purposes specified and set forth in TMC 3.95.010, and receipts and disbursements of said fund shall be subject to budgetary control and approval of the town council.
(3) The town clerk-treasurer shall, not less than once each calendar quarter, compute the amounts to be transferred from the water-sewer revenues to the utilities capital improvement fund, and shall pay and/or credit by transfer such amount to the utilities capital improvement fund.
(4) The clerk-treasurer is hereby authorized to deposit and invest the funds of the utilities capital improvement fund in such financial institutions and/or investments as are authorized by law for deposit and investment of municipal funds. (Ord. 316 §§ 1 – 4, 1986)