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HomeMy WebLinkAboutORD 3320� � ,. .. � - , � r. . i. f � r >. ., , � _AMENDEp BY I vac s3� Z, CITY OF RENTON, WASHINGTON ORDINANCE NO. 3 3 2 0 AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON CREATING A SPECIAL FUND TO BE KNOWN AS "CUMULATNE RESERVE FUND#3320�� BE IT ORDAINED BY 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 "Cumulative Reserve Fund #3�3:20. Said fund is created for the specific purpose of construction, installation and maintenance of a storm sewer line in Camas Avenue N.E., together with any appropriation for such Cumulative fteserve Fund by the City, shall be allowed to accumulate from year to year until sufficient funds have been accumulated, including any appropriations by the City so determined by its legislative body, to pay in full for said construction and installation of said storm sewer line. SECTION II: 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 those specified hereinabove without an approving vote by a majority of the electors of the City of Renton as provided by law. Any monies in said Fund at the end of any fiscal �ear shall not lapse nor shall the same . be a surplus available or which m.ay be used for any other purpose or purposes than , , , . those specified hereinabove. SECTION III: The terms of this Ordinance shall remain in effect until such time as the installation and construction of said storm sewer line has been completed and all costs and expenses in connection therewith have been paid in full; thereafter the maintenance of said facilities shall become the responsibility of the City of Renton � and adequate funds shall be budgeted therefor, to the extent of funds being available therefor, in the City's budget from year to year. PASSED BY THE CITY COUNCIL this 14 t�ay of May,, 1979. �!��L-Cf. • Delores A. Mead, i�erk APPROVED BY THE MAYOR thi��4t�a.y of Ma 1979. �..---.-,1 ���� . / , . � - Charles J,l�Delaurenti, Mayor ✓ Approved as to form: �, %�r �-r,�� Date of Publication 5/18/79 I Lawrence J. Wart'+�n, City Attorney _.__ _ I