HomeMy WebLinkAboutRES 1086 I � � . .
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R�SOLUTION N0. ����
WIi�REAS the GjTY QE RENTON heretofore duly passed Ordinance No. 1���
undex date of Octaber � ? 1960 fixing the amaunt of t� levies necessary tQ
meet the amount of estiznat.ed axpenses for the year 1961, less the total estimated
revenues from saurces ather than ta�xation� including available surplus� and
WHEktEAS said Ordinance grovided for an excess millage levy in the amaunt of 2.547
mi11s contingent upon the event that certai.n pending general obliga�ion bond issues
be apprQved by the electarate in the ensuin�g electiun; and WHEREAS said bond issue
progositiQns failed ta receive approval by the elect�orate at the subsequent gen-
eral election held on November 8, 1960; ancl WHEREAB the Riz�g County taxing
authorities in certifying an3 fixing the final R�nton Gity tax levy foz the year
1961 inadvertently included therein said excess millage af 2.547 millsx which
excess millage however is unauthorized; and WI�REAS it is therefore proger and in
the public interest and far the public benefi,t to establish a sgecial fund in the
Treasurer's Office of the City af Renton to impound and hald all of the m��nies
and funds received from said un�uthorized excess levy so as to credit and agply
same solely in lieu of future levy of excess millage in said a:nount to be agglied
upon existing general obligatiQn bond indebtedness in future tax periods; NOW
TiiEREFORE�
BE IT R�SO�U BY THE�i'OR AND T"rTE GITY COUNCZI, OF THE CITY OF RENTON AS
FOI.LOWS:
SECTION I: The foregoing recitals and tindings are hereby faund and
determined t� be true and cQrrect in all respects. It is hereby foun�l to be in
the best interest and for the benefit of the citizens and property owners of the
Gity of Rsntan tQ establish a spacial fund fQr the imgounding of a11 tax revenues
paid tA and c�1.lected by the Ci�y Treasurer of the City uf R�nton deri,ved from
said una.uthorized excess millage levy of 2.547 mi.11s.
SECTION IIi There i� hereby established in the office of the Gity Treasurer
a �special fund known as the "Ci.ty af R�nton E.-�cess Levy Fund". The City Treasurer
of the City of Renton is hereby dirac�ed to g1�ce in said fund al1 tax revenues
i derived from said 1960 excess millage levy af 2.5�7 mills� and all af such tax
revenuAs derived therefrom sha11 be retained in s.aid fund and 1oe applied in '
ensuing years upon the payment a� exist�,ug general obligation bond indebtedness of
the City of Ranton� and for no other purpcsse,
PASSED BY THE CITY CQUN�:IL this��� day af February, 1961.
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�'�� •jJ��2�� HELMIE NELSON, Acting City Clerk
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� APPROVED BX TiiE `�8i� this,.2�'� day af Februaryt 1961.
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RARD ML S'iIEJ�LAN; 'Lity Attorney