Ordinance 845 - Capital Improvement ProgramORDINA
AN ORDI1WNCE TO ADOPT A CAPITAL Il�RO NVEPIIVT PROGRAM AND EST_JiBLISH A CAPITAL 379
IMPROVE= FUND.
WEEREAS, Section 84-4701.2, R.C.M., 1947, as amended, does provide that a
city of the State of Montana, may, if a capital improvement program has been
adopted by said city, set aside for a capital improvement program up to 5/
of the monies received from an all-purpose levy for municipal purposes; and
WfG_REAS, the City of Kalispell does desire to formally adopt a capital
improvement program and establish a capital improvement program fund wherein
such monies can be set aside and held until expended in implementation of
said program, .
NOW THEREFORE, BE IT ORDAINED BY TEE CITY COUNCIL OF THE CITY OF KALISPELL,
MONTANA:
Section 1. The City of Kalispell does hereby adopt a capital improvement
program as follows:
A. Purchase a new fire department aerial ladder truck costing
approximately $150,000.00.
B. Purchase a new item of street repair equipment to cost
approximately $65,000.00.
Section 2. There is hereby established a Capital Improvement Program Fund
and the monies deposited therein shall be earmarked for the replacement or
acquisition of property, plant or equipment, as set forth in the Capital
Improvement Program.
Section 3. Up to 5% of the monies received by the City from, and as part of,
the all-purpose levy as may be made by the City in accord with authority
granted by Section 84-4701.2, R.C.M., 1947, as amended may be deposited and
set aside into said Capital Improvement Program Fund. The percentage to be
deposited to said fund and the portion thereof that shall be applied to the
reserves for the specific items included in the Capital Improvement Program
shall be designated by the Council by inclusion thereof in the annual res-
olution adopting the annual budget for the City.
' Section 4. Monies held in said Capital Improvement Fund may, upon proper
resolution of the Council, be invested in savings or time deposits in a state
or national bank insured by the Federal Deposit Insurance Corporation, or
invested in a direct obligation of the United States Government and credited
back to the fund plus interest earned.
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, MONTANA, AND APPROVED
BY THE MAYOR THIS 17TH DAY OF NOVMER, 1975.
L Geo. Reardslee 'ty Cier of th
the day of
In r. ffice, and t e sane Tema nedip
is a true and cor ,ct copy of the Ord
Norma E. Happ, Mayor''
of Ka 'spell, M tana, d certify that
I post d a copy f the fo egoing di
fora er'od of five days and t,•/L� fo e
as sled by a City C anell / i
, Montana