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HomeMy WebLinkAboutORD 1279ORDINANCE NO. 1279 AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, CREATING AND ESTABLISHING A FUND TO BE KNOWN AS "AIRPORT FUND" AND PROVIDING FOR ITS EXPENDITURE. THE CITY COUNCIL OF THE CITY OF RENTON DOES ORDAIN AS FOLLOWS: SECTION 1: That there be and hereby is created a fund of the City of Renton to be known as "Airport Fund". Such fund shall remain intact from year to year as provided in sub -division Four of Remingtonts Revised Statutes, Section 2722»37. SECTION 2: That there shall be allocated'to said fund all revenues obtained from the ownership, control and operation of the Renton Airport and all funds appropriated by the City Council, raised by taxation or otherwise. SECTION 3: All monies in the Airport Fund shall be used (1) to finance the maintenance and operating expenses of the Renton Airport, and (2) Tb make payments of interest on or current principal require- ments of any outstanding bonds or certificates issued for the improve- ment thereof. Any funds in excess of the foregoing requirements may be applied to finance the extension or improvement of the airport, or other air navigation facilities. SECTION 4: This Ordinance shall be in full force and effect five days from and after its passage, approval and legal publication, as provided by law. Passed this 3rd day of June, 1947. City Clerk Approved this 3rd day of June, 1947. Mayor Approved as to form: City Attorney Date of publication June 6th 1947 4 611 ORDINANCE NO. 1279 AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, CREATING AND ESTABLISHING A FUND TO BE KNOWN AS "AIRPORT FUND" AND PROVIDING FOR ITS EXPENDITURE. THE CITY COUNCIL OF THE CITY OF RENTON DOES ORDAIN AS FOLLOWS: SECTION 1: That there be and hereby is created a fund of the City of Renton to be known as "Airport Fund". Such fund shall remain intact from year to year as provided in sub -division Four of Remingtonts Revised Statutes, Section 2722»37. SECTION 2: That there shall be allocated'to said fund all revenues obtained from the ownership, control and operation of the Renton Airport and all funds appropriated by the City Council, raised by taxation or otherwise. SECTION 3: All monies in the Airport Fund shall be used (1) to finance the maintenance and operating expenses of the Renton Airport, and (2) Tb make payments of interest on or current principal require- ments of any outstanding bonds or certificates issued for the improve- ment thereof. Any funds in excess of the foregoing requirements may be applied to finance the extension or improvement of the airport, or other air navigation facilities. SECTION 4: This Ordinance shall be in full force and effect five days from and after its passage, approval and legal publication, as provided by law. Passed this 3rd day of June, 1947. City Clerk Approved this 3rd day of June, 1947. Mayor Approved as to form: City Attorney Date of publication June 6th 1947