A Charter ordinance exempting the City of Hanover, Kansas from the Provisions of section 1 (b) t<:.S.A. 10-1208b and section 2 (b) K.S.A. 12866 (b) of Chapter 64 laws of Kansas 1980. Relating to audit requirements for City Utility Funds of Cities having Outstanding Revenue bonds.

Be it ordained by the Governing Body of the City of Hanover, Kansas:

SECTION 1: The City of Hanover, Kan. by the power vested in it by Article 12 Section 5 of the Constitution of the State of Kansas, hereby elects to exempt itself from and make inapplicable to it the provisions of Section 1 (b) K.S.A. 10-1208b and Section 2 (b) K.S.A. 12-866 (b) of Chapter 64, Laws of Kansas 1980 to the extent that those sections would require an annual audit of the utility accounts of the City of Hanover, Kansas.

SECTION 2: Nothing in this charter ordinance shall be construed to relieve the governing body from the duty of establishing rates for utility services which will adequately provide for the payment of the cost of operation, improvement and maintenance of the utility and provide either a renewal and replacement fund, provide a reserve fund and pay the principal of and interest upon such revenue bonds when due.

(02-07-1983)