HomeMy WebLinkAboutOrdinance 1929
ORDINANCE NO .1929
WHEREAS, by passage of Ordinance No. 1898, the franchise rate for TU
Electric Company increase from three percent (3%) annually to four percent (4%)
annually; and
WHEREAS, said Ordinance No. 1898 provides for such gross receipts from
electric sales to be paid to the City for the rights and privileges for the use of
public streets, alleys, grounds, and rights of way, and
WHEREAS, said revenues from franchise fees can be appropriated by City
Council for general government services for the citizens of the City of North
Richland Hills;
WHEREAS, it desirable to provide funds for the City's Self-Insurance Fund
and to build needed reserves;
NOW THEREFORE, in order to provide for such funds which will be
available for assisting and stabilizing health insurance, worker's compensation
and other insurance costs, increasing necessary contingency insurance reserves,
and for use in rate making cases in the future, IT IS ORDAINED BY THE CITY
COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS THAT:
1.
Fifty percent (50%) of the increase in said franchise fees, occasioned by
the rate increase, for 1993-94 and for each year thereafter shall be deposited in a
special interest bearing fund designated as a Self-Insurance Reserve Fund.
2.
The funds deposited in such special fund shall be used in the future, as
needed, to defray claims and other insurance related expenses, to build needed
insurance reserves, and use for rate making expenses as determined and
approved by the City Council in its annual budgeting process.
3.
Ordinance No. 1894, passed on June 14, 1993 be an is hereby repealed and
replaced by Ordinance No. 1929 when it is passed and approved.
PASSED AND APPROVED this 13th day of September, 1993.
ATTEST:
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~-1 Secretary
APPROVED:
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Mayor
APPROVED AS TO FORM AND LEGALITY:
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