HomeMy WebLinkAboutORD 4272 CITY OF RENTON, WASHINGTON
ORDINANCE NO. 4272
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
PROVIDING FOR USE OF REAL ESTATE EXCISE TAX
REVENUES TO RETIRE CAPITAL IMPROVEMENT DEBT.
WHEREAS, the Growth Management Bill (Section 36(1) ESHB
2929) allows real estate excise taxes to be used for debt
retirement, if pledged prior to July 1, 1990.
WHEREAS, it is now necessary and advisable to transfer the
below-mentioned real estate excise tax revenue from the General
Government Capital Improvement Fund to the General Government
Miscellaneous Debt Service Fund, and replace said source with a
like amount of property tax revenue, and such transfer being
necessary and in the public interest and for the public benefit,
NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN AS FOLLOWS:
SECTION I: The Director of Finance is hereby authorized and
directed to provide for the following transfer:
From: General Government Capital Improvement Fund
317/000/318. 34. 00 00 (Real Estate Excise Tax) $ (350, 000) �
Unto: General Government Debt Service Fund
215/000/318. 34 . 00. 00 (Real Estate Excise Tax) $ 350, 000
From: General Government Debt Service Fund
215/000/311. 10. 00. 00 (Property Tax) $ (350,000)
Unto: General Government Capital Improvement Fund
317/000/311. 10. 00. 00 (Property Tax) $ 350, 000
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CITY OF RENTON, WASHINGTON
ORDINANCE NO. 4272
SECTION II: This Ordinance shall be effective upon its
passac�p, approval, and five days after publication.
: PASS�ll �Y THE CITY COUNCIL this 18th day of June, 1990.
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Marilyn etersen, City Clerk
APPROVED BY THE MAYOR this 18th day of June, 1990.
Ea 1 C1 er, May
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Approv s to form:
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Lawrence J. Wa en, City Attorney
Date of Publication: June 22, 1990
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