1987ORDINANCE NO. ~ ~ S`7
AN ORDINANCE TO AMEND SECTION 2.30.170 OF THE WEST MEMPHIS
MUNICIPAL CODE TO PROVIDE FOR THE PAYMENT FROM THE WEST
MEMPHIS UTILITIES TO THE CITY GENERAL FUND OF A PERCENTAGE OF
GROSS REVENUE, AND FOR OTHER PURPOSES
WHEREAS, Section 2.30.170 of the West Memphis Municipal Code was amended by
Ordinance 1923 in order to be consistent with Section 2.30.120 regarding the percentage rates;
and
WHEREAS, Section 2.30.120 provides for payment in lieu of taxes from the West
Memphis Utilities to the city general fund in an annual amount of 5% of gross revenue; and
WHEREAS, Section 2.30.170, as amended, provides for payment to the city general fund
in an annual amount of 5% of the gross residential, commercial industrial and electrical revenue;
and,
WHEREAS, Section 2.30.170 of the West Memphis Municipal Code should be amended
to be consistent with Section 2.30.120.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WEST MEMPHIS, ARKANSAS, THAT:
SECTION 1. Section 2.30.170 of the West Memphis Municipal Code is hereby amended
to read as follows:
The revenue received each year from utility operations, before being used for any
other purpose, shall be used by the commission for the following purposes in the
order named:
A. Payment of all operating expenses;
B. Payment of all current bonded indebtedness of the city where revenues
have been pledged, not limited to, but including depreciation fund, and, any
other fund specifically designated by law;
C. For the payment to the city general fund, a sum of five percent of the gross
revenue, less fees and taxes.
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SECTION 2. All ordinances or parts of ordinances in conflict herewith are hereby
repealed to the extent of any such conflict.
PASSED AND APPROVED this ~~ day of m A-N , 200.
WILLIAM H. JOHNSON, AYOR
ATTEST:
P ARA, CITY CLE
SPONSORED BY:
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