|
|
Chapter 4.19
ENTERPRISE FUNDSSections:
4.19.010 Purpose, application and exceptions.
4.19.020 Enterprise funds established.
4.19.030 Fund accounting.
4.19.040 Fund balance transfers.
4.19.050 Modification of enterprise funds.
4.19.010 Purpose, application and exceptions.
A. It is the purpose of this chapter to formally recognize or establish certain enterprise operations of the city and to set out generally applicable procedures governing the funds of such enterprises. This chapter applies only to enterprise funds set out in BMC 4.19.020.
B. Enterprise operations not specifically identified or described under this chapter are not subject to the provisions of this chapter. The restrictions set out in this chapter do not apply as limitations on the authority of the council to transfer the fund balance, or of the council or the manager to restructure the fund or operation, of a city enterprise that is not specifically set out and identified in this chapter. [Ord. 99-13 § 2.]
4.19.020 Enterprise funds established.
There is established the following enterprise fund of the city:
A. Braund Building Enterprise Fund. The Braund Building Enterprise Fund consists of Lot 1 of the Court House Subdivision, according to Plat 99-____1 filed in the Bethel Recording District, including all improvements thereto, and all revenues derived from the leasing, licensing, other revenue-producing use of the property, including the disposal of fixtures and improvements to the property and moneys transferred to the fund by the council from other sources. [Ord. 99-13 § 2.]
4.19.030 Fund accounting.
Expenses, assets, liabilities, revenues, expenditures, and other financial matters shall be accounted for in accordance with generally accepted accounting principles applicable to governmental enterprises. [Ord. 99-13 § 2.]
4.19.040 Fund balance transfers.
A. No part of the unappropriated, unreserved and unobligated part of the fund balance of an enterprise fund may be transferred to the general fund or appropriated for a use other than for the benefit of the property or operation of the enterprise so long as there remain outstanding any bonds, notes or similar debt secured by the pledge of the enterprise fund unless the city has obtained the concurrence of all holders of the bonds or other debt instruments to such appropriation or other transfer of the funds. A transfer or appropriation authorized under this subsection is subject to the limitations of subsection B of this section.
B. By an appropriation or other ordinance, the council may transfer a part of the unappropriated, unobligated and unreserved fund balance of an enterprise so long as there remains in the unappropriated, unobligated and unreserved part of the fund balance an amount equal to the greater of either twenty (20) percent of the total actual expenses for the preceding fiscal year or twenty (20) percent of the budgeted expenses for the current fiscal year. [Ord. 99-13 § 2.]
4.19.050 Modification of enterprise funds.
For so long as there are outstanding bonds, notes or similar debt obligations secured by the pledge of the revenues of an enterprise fund, the council may not dissolve, divide or take such other action with respect to the enterprise operation or fund if such action would clearly have an adverse effect on the security interest of the bond, note or other debt holders unless the consent of such debt holders has been obtained. [Ord. 99-13 § 2.]
Footnotes
1Editor’s note: Plat number can be found in the office of the planning commission.
|
|