Sponsored by: Finance and Administration Committee
ORDINANCE NO. 2014-3931
BILL NO. 3992
AN ORDINANCE ESTABLISHING A DEBT SERVICE FUND FOR THE ACCOUNTING OF
THE PAYMENT OF DEBT SERVICE ON THE DEBT ISSUED FOR THE CONSTRUCTION OF
A NEW COMMUNITY CENTER
WHEREAS, the city plans to issue debt in the form of" certificates of participation" for the
purpose of financing the construction of a new community center.
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF MARYLAND HEIGHTS,
MISSOURI, AS FOLLOWS:
Section 1: A debt service fund for the accounting of payment of debt services on the obligations
issued for the construction of a new community center is hereby established based on the following:
Fund Established- The city does hereby establish a debt service fund to account for financial
resources to be used for the payment of debt service on the debt issued to finance the construction
of a new community center.
Fund Name - Community Center Debt Service Fund.
Fund Defined- The fund shall be a fiscal and accounting entity with a self-balancing set of
accounts recording cash and other financial resources, which is segregated for the purpose of
carrying on specific activities.
Revenues- Revenues in the fund shall consist of taxes or other revenues allocated by the City
Council for the purpose of paying debt service on obligations issued for the community center.
Transfers-The Council may order the transfer of funds from other city funds including but not
limited to the Parks Fund to the Community Center Debt Service Fund.
Expenditures- Expenditures shall consist of interest, principal and other costs related to servicing
the debt related to the obligations issued for the construction of the Community Center.
Budget- The fund shall be included in the city' s annual budget reflecting estimated revenues,
expenditures and other sources and uses of funds.
Fund Balance- Any positive fund balance shall remain within the fund unless specific action is
taken by the council to transfer to another city fund.
City of Maryland Heights
Ordinance 2014- 3931
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Section 2: This ordinance shall be in full force and effect from and after its passage and approval.
PASSED BY THE CITY COUNCIL THIS 6`h DAY OF NOVEMBER 2014.
R
MAYOR
APPROVED BY THE MAYOR THIS
SIDING OFFICER
6DAY OF NOVEMBER 2014.
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MAYOR
TEST:
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CLERK
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FAQ
City of Maryland Heights
Ordinance 2014- 3931
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