HomeMy WebLinkAboutOrdinance 1894
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ORDINANCE NO. 1894
WHEREAS, by passage of Ordinance No. 1893 the franchise
rate for TU Electric company increased from three percent (3%)
annually to four percent (4%) annually; and
WHEREAS, said Ordinanoe No. 1893 also restricts the City's
financial ability to protest rate increases by TU Electric
Company;
NOW THEREFORE, in order to provide for funds which will be
available for rate protest expenses and in order to protect the
general welfare of the city and its inhabitants, 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 inorease, for 1993-94 and twenty-five
(25%) of such increase for the year 1994-95 shall be deposited in
a special interest bearing fund designated as a utility Rate
Protest Fund. Each year after 1995, one percent (1%) of the
total TU Electric Company franchise fees shall be deposited in
said special fund. .
2.
The funds deposited in said Special Fund shall be used in
the future, as needed, to defray rate protest expense and related
expenses as determined and approved by the City Council.
PASSED AND APPROVED this 14th day of June, 1993.
APPROVED:
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Mayor
ATTEST:
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c¡:;-secretary
APPROVED AS TO FORM AND LEGALITY: