Ord74 1599 - Laserfiche WebLink

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SECTION 6. Section 38.20 of the Code of the City of Redwood City is hereby amended to read as follows: "Section 38.20 A special fund to be known as the Water Fund is hereby established. All revenues arising from the imposition of the charges and fees provided in this Chapter 38, and all revenues arising from the imposition of the charges and fees established by the Rules and Regulations (and all amendments thereto) of the Water Department of the City of Redwood City, or such other revenues derived from the operation of water utilities owned or operated by the City as are or may be provided, shall be deposited in the Water Fund. Such revenues shall be expended solely for the following purposes; provided, however, that such revenues derived from the operation of such water utilities serving water service Area 3 shall be expended exclusively for the following purposes related to said water service area: The acquisition, construction, reconstruction (including the extension or replacement of existing mains and transmission lines), maintenance, management, operation and repair of such water facilities; the payment of bond interest and principle or charges due on any bond issue (including facilities bonds, all or any portion of the proceeds of which are used for the following purposes) sold for the purpose of acquiring, constructing, or reconstructing water facilities; and for such other lawful purposes of the City of Redwood City as the Council of said City may provide from time to time." SECTION 7. This ordinance shall be effective 30 days after its adoption; provided, however, that the rates, fees, and charges established pursuant to the provisions hereof shall be operative on and after the first day of the regular billing period for each -5-