HomeMy WebLinkAboutO-1459ORDINANCE NO. 1459
AN ORDINANCE AMENDING ORDINANCE NO. 1384,
AN ORDINANCE ALLOCATING THE FUNDS COLLECTED FROM
THE CITY OF FAIRHOPE'S SALES AND USE TAX
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAIRHOPE
ALABAMA, as follows:
The ordinance known as the City of Fairhope's Sales and Use Tax Ordinance (No.
1384), adopted 27 April 2009, is hereby amended in respect to the certain sections below
and all other sections within this ordinance remain as written and adopted:
Section 2. That the Treasurer for the City of Fairhope is hereby instructed and
empowered monthly to transfer any balance in excess of $7,000,000.00 in the Special Tax
Reserve Account according to the following distribution:
1. Deposit one-half (1/2) of each month's excess over $7,000,000.00 (if any) into a
General Fund Reserve Account, specifically designated as General Fund Debt Pre-
payment Account. Funds in this General Fund Debt Pre -payment Account are to be
used only for pre -payment of existing debt of the General Fund.
2. Deposit one-half (1/2) of each month's excess over $7,000,000.00 (if any) into a
General Fund Reserve Account, specifically designated as Infrastructure
Improvement Special Account. Funds in this Infrastructure Improvement Special
Account are to be used only for improvements to City streets, sidewalks, parks, and
buildings, as approved by vote of the City Council.
Severability. The sections, paragraphs, sentences, clauses and phrases of this
ordinance are severable, and if any phrase, clause, sentence, paragraph or section of this
ordinance shall be declared unconstitutional by a court of competent jurisdiction, then such
ruling shall not affect any other paragraphs and sections, since the same would have been
enacted by the municipality council without the incorporation of any such unconstitutional
phrase, clause, sentence, paragraph or section.
Effective Date. This ordinance shall take effect immediately upon its due adoption
and publication as required by law.
ADOPTED AND APPROVED THIS 14TH DAY OF NOVEMBER, 2011
ATTEST:
Lisa A. anks, MC
M
City Clerk
Mayor Kant did not sign Ordinance
Timothy M. Kant, Mayor
Passed after 10 day waiting period
Per Code of Alabama Section 11-45-4