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ORDINANCE NO.,
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
CREATING A SPECIAL FUND TO BE KNOWN AS THE
"CUMULATIVE AIRPORT DEPARTMENT RESERVE FUND"
AND DESCRIBING THE PURPOSES FOR WHICH SAID FUND
MAY BE USED.
BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE
CITY OF RENTON AS FOLLOWS:
SECTION I: There is hereby established and created a
special fund to be known as the "Cumulative Reserve Fund for the
Airport" and there shall be paid into said fund from time to time
amounts to be determined by the City Council. The City Council
may direct payment into said fund of sums which may be realized
from the operation of the Renton Municipal Airport over and above
the sums required to pay all the expenses in connection with the
operation and maintenance of said Airport and the interest and
principal of any bonds, as they mature, issued against the revenues
of said Renton Municipal Airport.
SECTION JI: All monies in said "Cumulative Reserve Fund
for the Airport" may, on order of the -City Council, be invested
in proper securities in the manner provided by law and all interest
thereon shall become part of said fund,
SECTION III: While the monies placed in said fund shall
be expended primarily for the purpose of making replacement of
automotive equipment of said Airport, said fund shall not be deemed
to be irrevocably pledged to such purpose, but may be used, upon
order of the City Council, for the redemption of bonded indebtedness
of said Airport, or for the purpose of making additions, repairs,
betterments to and extensions of the Renton Municipal Airport; and
the monies in said fund shall always be subject to disposition by
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the -City Council for the uses and purposes herein specified.
SECTION IV: This Ordinance shall be in full force
and effect from and after its passage, approval and publication,
PASSED BY THE CITY COUNCIL this day of� , 1957,
Elton L. Alexander, City Clerk
APPROVED BY.THE MAYOR this day of - 1957,
APPROVED AS TO FORM:
�) Joe R, Baxter, Mayor
Gerard M. Shellan, City Attorney
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