HomeMy WebLinkAboutORD 3390 ORDINANCE NO. 3390
AN ORDINANCE, OF THE, CITY OF RENTON, WASHINGTON, CREATING A
SPECIAL FUND TO BE KNOWN AS THE "CUMULATIVE RESERVE FUND #3390,, f
LIBRARY FACILITIES' PLANNING, ACQUISITION, IMPROVEMENTS
AND CONSTRUCT.ION."
BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF �•
RENTON, WASHINGTON AS FOLLOWS:
SECTION I: There is hereby established and created a special fund to
be known as the "Cumulative Reserve Fund for Library Facilities'.Planning,
Acquisition, Improvements and Construction," and there shall be paid into
said Fund from time to time amounts to be determined by the City Council.
An item for said Cumulative Reserve Fund may be included annually in the City's
budget and the monies in said Fund shall be allowed to accumulate from year to
year until the City Council shall determine to expend the monies in the Fund
for the specified purposes.
SECTION II: All monies in said Cumulative Reserve Fund may, on order
of the City Council, be invested in proper securities in the manner provided
by law and all interest thereon shall become a part of said Fund.
SECTION III: The monies in said Fund shall be expended solely for the
purposes hereinabove specified and no monies in said Fund shall be expended for
any other purpose or purposes other than specified hereinabove without an
approving vote by a majority of the electors of the City of Renton as provided
by law.
SECTION IV: This Ordinance shall be in full force and effect from and
after its passage, approval and legal publication.
PASSED BY THE CITY COUNCIL this 21st day of January, 1980.
Delores A. Mead, City Glerk
PASSED BY THE MAYOR this 21st day of January, 1980.
Barbara Y. Shinpochq Mayor
Approved as to form:
rr
Lawrence J. Warr&, City Attorney
Date of Publication: January 30, 1980