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1962-2664r~~~ RESOLUTION NOe 2664 RESOLUTION ESTABLISHING A WATERWORR5 OPERATING FUNA 6~IEREAS, the village has commenced the construction of a municipal waterworks system pursuant to law and by au thority of the electors of the village, and in the near future will commence the operation of such system, and WHEREAS, it will be necessary to provide for proper accounting proce- dures in connection with the operation of such waterworks system: NOW THBREFORE, be it resolved by the Village Council of the Village of Richfield, as follows a 1. There is hereby created a Waterworks Operating Fund. 2. Ali revenue derived from the sale of water to customers served by such waterworks system shall: be credited to the fund, as well as any other revenues arising in the operation of such waterworks system, 3. All costs of the operation of the village waterworks system shall be paid from said furxl including costs of billing, meter reading, collec~ Lion, electrical energy, chemicals, meter repair, repair of water supply and distribution facilities, and all other costs and expenses necessary or incident to the operation of such waterworks system. 4.. Provision shalt be made on the financial records of the village for the payment of the village's share of principal and interest on bonds issued to finance the construction of water supply and water distribution facilities. 5. Provision shall also be made for depreciation reserves on village waterworks facilities and for the keeping of records as to the investment in waterworks facilities of the village, 6. The accounting procedures to be used in keeping the accounts on the Waterworks Operating Fund shall be substantially as recommended by the National Committee on Governmental Accounting of the Municipal Finance Officers Association of the United States and Canada. 7d Any surpluses after making adequate provision for all operating expenses, bond principal and 9nterest required and depreciation reserves shall be used for such purposes as the village council, from time to time, by resolution, shall: determined Passed by the village .council of the Village of Richfield this 22'nd day of January, 1962. Stanle lson, Mayor ATZESTt =~~~ ~~~'~~~~'~~ 0, R Kre lens Manager Edward J. Moline, ClerkmTreas.