HomeMy WebLinkAboutORD 2373 a s � � � .
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ORD INA 1VCE NO� ��
AN ORDII�NCE OF THE CITY OF REP?TON, T-,TASHII�TON� CREATING
AND ESTt�BLISHING � SPECIAL FUl� TO BE KNOGIPI AS THE "CUNN-
IATIVE RESERVE FUI� FOR UI�DERGROUND WIRING AN!}/OR CONVERSIQN
TO UNDFRGROUND IniS7�LIATION AND PURPOSES REIATED THERETO".
BE IT ORDAINED BY THE MAYOR AAID THE CTTY COUNCIL aF TT� CITY OF RENTON,
WASHINGTON, AS FOLLa?S:
SECTTON I: There is hereby establ ished and created a special fund to be known
as the "Cumulative Reserve Fund for Urderground tliring and/or Conversion to Underground
Installation and Purposes Related Thereto", and there shall be psid into said fund from
time to time amounts as may be determined by the City Council. Said fund is hereby
created for the following general and specific purposes, ta-wit:
A, The cost and expense of providing for the instell$tion of
underground wiring, to-wit: electrical distribution, together
with communication wires, tab7.es and appurtenances thereto,
including telephone, telegraph, poI ice and f ire warning systems,
traffie signal. system"s �a�l similar installations.
B. Conversion of overhead e}.ectrical distribution systems including
related commuaication wires, cables and appurtenances thereto,
and located overhead, to underground installations thereof as
specif ied in subparagraph A hereinabove.
C. Any combination of such underground installetion initially
and/or eonversion of existing overhead facilities within the
City of Renton or any part thereof, as may be determined from
time to ticne by the City Counci2, and all of such project costs
shall be shared with the utility or eompany having ownership
and/or control and custody of such facilities, the propertiss .speefally
benefited by such improvement, whether by special assessments
or otherwise, or any comb ination of the af oresaid, and subject
to the applicab3e tariffs and �ulations of the Washington
Utilities and Transportation Commissioa.
D. It is hereby declared the policy of the City of Renton to share
and contribute, to the extent of funds available for said purpose,
in the necessary costa and expense of providing f or such underground
installation or the conversion thereto so as to improve Snd beautify
the City and to dispose and eliminate, as rapidly as possible,
unsightly overhead structures, poles and appurtenances in connection
� therewith.
An appropriation For said Ce�mulative Reserve Fund may be included annualZq in
the City's budget and the monies in said fund may be allowed to eccumulate f rom year
to year until the City Council sha1Z determine to expen8 the monies in the f und for
any or all of the aforementioned specif ied purposes.
SECTiON II: All monies in said "Cumulative Reserve Fund for Underground i•Jiring
and/or Conversion to Underground Installation and Purposes Related Thereto•' may, on
order of the City Council, be invested in proper securities init�e manner provided by law,
and al l interest thereon shall become a part of and accrue to benef it of said €und.
SECTION III: The monies in said fund sha11 be expen@ed sol.ely for the I
purposes hereinabove specified, and no monies in said fund shall be expended for any
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other purpose or purposes other than those specif ied hereinabove without an approving
vote by th� majority b� t�e el�etio'rs of the �ity bf B�nton es provltded ti�t law. Any
monies in said f und at the end of any f iscal year sha1Z not lapse, nor shall the
sauie be a surplus available or which may be used for any other purpose or purposes ,
than those specif ied hereinabove.
SECTION IV; This Ord inance shall be in �ull f orce and effect on and af ter
January 1, 1968 and after its passage, approval and legal publication.
PASSED BY THE CIT`Y COUNCIL this ��- day of ` ,��6��
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Helmie elson� City C2erk � �
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APPROVED BY THE MAYOR this S� � day of o e � ` "�� �
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lr�ald U7. Custer, Nlayor '
Approved as to form:
Gerard M. Shellan, City Attorney
Date of Publication:: FEB � �96g
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