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Fort Walton Beach Resolution — 93-02-Gas district Retained Earnings — reading text
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City of Fort Walton Beach
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Resolution _ 3-2
A RESOLUTION OF THE CITY OF FORT WALTON BEACH THAT THE
OKALOOSA COUNTY GAS DISTRICT BOARD OF DIRECTORS
FAVORABLY CONSIDER SUPPORTING THE CITY OF FORT WALTON
BEACH IN RESTORING THE DISTRIBUTION OF NET PROFITS OF
THE OKALOOSA COUNTY GAS DISTRICT TO THE MEMBER
MUNICIPALITIES; THAT MEMBER MUNICIPALITY DELEGATION
PREPARE SUITABLE LEGISLATION FOR 1993 SESSION TO REQUIRE
EQUITABLE DISTRIBUTION OF UNAPPROPRIATED RETAINED
EARNINGS EACH YEAR TO DISTRICT MEMBERS; AND PROVIDING
THE EFFECTIVE DATE HEREOF.
WHEREAS, The distribution of net profits were distributed to the
member municipalities prior to October 1, 1989, and,
WHEREAS, The City of Fort Walton Beach is a member of the
Okaloosa County Gas District, and
WHEREAS, It is the position of the City of Fort Walton Beach that
net profits of the Okaloosa County Gas District should be restored as
revenue to the member cities.
WHEREAS, There exists, as of the Audit of 1991 of the Okaloosa
County Gas District, dollars over and above the requirements for extensions
and operating expenses according to Dennison and Associates, P.A. audit
report, and
WHEREAS, The District members are in dire need of operating funds
due to continuing financial pressures; and
WHEREAS, Acting in good faith, the Council on February 26, 1991
requested the Okaloosa County Gas District Board to address this issue, at
this time presently there has been no response,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
WALTON BEACH, FLORIDA:
SECTION I. That the Okaloosa County Gas District Board of
Directors favorably consider supporting the City of Fort Walton Beach in
restoring the distribution of net profits of the Okaloosa County Gas
District to the member municipalities.
SECTION II. That member municipality delegation prepare suitable
legislation for 1993 Session to require equitable distribution of
unappropriated retained earnings each year to district members.
SECTION III. This Resolution shall take effect immediately upon
approval by Council and signature by the Mayor.
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ADOPTED: op
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The form and legal sufficiency of
the foregoing has been reviewed and
approved by the City Attorney.
LITHO BY VITRO PRESS