TC Res. No. 1991-06a;?CIVI UT - AVux i rluuuNirr 1uc1
TOWN OF AVON
RESOLUTION NO. 91-6
Ou0 U40014419 0
A RESOLUTION ESTABLISHING AN ENVIRONMENTAL FUND,
DETERMINING THE PURPOSES FOR WHICH EXPENDITURES MAY BE
MADE FROM THE ENVIRONMENTAL FUND, AND DEFINING THE
SOURCE OF REVENUE THEREFOR.
WHEREAS, the Town of Avon has a Water Utility Fund that
receives revenues from water services provided by the Towns and
WHEREAS, the Town believes that there will exist excess
funds in the Water Utility Fund beyond those monies needed for
reasonable and necessary expenditures from the Water Utility
Fund; and
WHEREAS, the Town has certain needs for funds with
which to make expenditures for the benefit of the citizens,
residents and visitors of the Town.
NOW THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
AVON, AS FOLLOWS;
1. There is hereby established a separate fund known as
the ENVIRONMENTAL FUND.
2. Revenues for the ENVIRONMENTAL FUND shall be derived
from the Town's Water Utility Fund. With Council approval, the
Town Manager may transfer from the Water Utility Fund to the
ENVIRONMENTAL FUND a gum of money (herein referred to as "Excess
Revenues") equal to that part of the Water Utility Fund balance
(after taking into account all revenues and expenditures - actual
and anticipated - for the then current fiscal year) that is in
excess of 10% of the total budgeted Water Utility Fund
expenditures for the same fiscal year.
3. Upon allocation of such Excess Revenues to the
ENVIRONMENTAL FUND, those funds shall be used for the following
purposes, in the priority indicated by the following alphabetical
ranking:
a. Acquisition of real property for open space and
for parks and recreation use;
b. Improvement of water projects in which the Town
is involved;
UPON MOTION DULY MADE, SECONDED, AND APPROVED, THE
FOREGOING RESOLUTION WAS DULY ADOPTED BY THE TOWN COUNCIL OF THE
SENT BY:Xerox Telecopier 7021 p~; 303 8489138;# 2
y TOWN OF AVON.
DATEDGZ~~ , 1991.
TOWN OF AVON
ATTEST:
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By.: LkA,, , ( DV--10
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03-22-91 09:42 AM PO'