Chapter 4.06
PROCEEDS FROM RAW WATER SALE CONTRACTS

Sections:

4.06.101    Establishment of raw water sale fund.

4.06.102    Reimbursing expenditures from other funds relating to the sale of raw water, maintenance of raw water distribution infrastructure, or retention of water rights.

4.06.103    Expenditure of net assets of the raw water sale fund.

4.06.104    Allocation of revenues from sales of raw water at Gary Paxton Industrial Park.

4.06.101 Establishment of raw water sale fund.

There shall be established a new fund within the fund system of the city and borough of Sitka entitled the raw water sale fund. The purpose of the raw water sale fund shall be to receive all proceeds from bulk water sales contracts, to hold such deposits, and, to reimburse expenditures made by other funds relating to the sale of bulk water, maintenance of bulk water distribution infrastructure, or retention of water rights. (Ord. 14-24 § 4 (part), 2014.)

4.06.102 Reimbursing expenditures from other funds relating to the sale of raw water, maintenance of raw water distribution infrastructure, or retention of water rights.

Any fund of the city and borough of Sitka which expends funds in order to facilitate the sale of raw water, negotiate raw water sale contracts, construct or maintain raw water distribution infrastructure, or pursue legal or regulatory action to maintain water rights may request of the administrator up to fifty thousand dollars, or the assembly for amounts exceeding this amount, that such expenditures be reimbursed out of the assets of the raw water sale fund. Upon approval of the request, such reimbursements will be accomplished by the finance department. Such requests may be made whenever appropriate, but shall not be made on a basis more often than quarterly. The assembly and administrator will consider recommendations from the GPIP board prior to disbursing funds. (Ord. 15-49 § 4 (part), 2015: Ord. 14-24 § 4 (part), 2014.)

4.06.103 Expenditure of net assets of the raw water sale fund.

At any time, the administrator or the assembly of the city and borough of Sitka may authorize the transfer of the net assets of the raw water sale fund to any other fund within the city and borough of Sitka to be used for expenditures deemed appropriate by the assembly. The assembly will consider recommendations from the GPIP board and administrator prior to transferring raw water sale fund assets. For purposes of this section, net assets shall be defined as the assets of the raw water sale fund, less any liabilities. Any contractually mandated deposits for exclusive rights to purchase raw water from the city and borough of Sitka shall be defined as deposits until such deposits are either earned through application towards future water sales or through the expiration of the time period to exercise such rights. (Ord. 15-49 § 4 (part), 2015: Ord. 14-24 § 4 (part), 2014.)

4.06.104 Allocation of revenues from sales of raw water at Gary Paxton Industrial Park.

In the allocation of revenues from the raw water sale fund, the assembly and administrator will strive to ensure that the GPIP has adequate resources to market, manage and administer the assets of the park with the goal of maximizing economic returns to the community. Further, the assembly will allocate funds as it deems appropriate to other departments of the CBS. (Ord. 15-49 § 4 (part), 2015: Ord. 14-24 § 4 (part), 2014.)