HomeMy WebLinkAboutORD 3362AMENDS
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3362
AMENDLNG_ORDINANCE .NO: 3.320, OF THE CITY OF RENTON,
WASHINGTON CREATING A SPECIAL FUND TO BE KNOWN
AS "CUMULATIVE RESERVE FUND"Ao.3362
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, AS FOLLOWS:
SECTION I: There is presently in existence a fund known
as Cumulative Reserve Fund Nc- -33ZO The '.purpose for said fund
is hereby amended and the.fund is.now created for the specific
purpose of construction, installation and maintenance of a storm sewer
line throughout the City together with any appropriation for such
Cumulative Reserve 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 legis-
lative 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 year shall not lapse nor shall
the same be a surplus available or which may be'used for any other
prupose 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 lines have been com4leted -aind =all ,cost -s and- expenses in
connection therewith have been' -paid in full; thereafter the maintenance
of said facilities shall become the 'resporisibi{lity 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.
4 .,
PASSED BY THE. CITY COUNCIL this 8th day of -October.: 1979
Delores A. Mefad, Ctity Clerk
APPROVED BY THE MAYOR this 8th day of .October-.:.,, 1979-
f' +
Barbara �Y ySha npoch Ntayar } _ro- em c.,:
Approved as to form:
Lawrence J. W ren,'City Attorney
Date of Publication: October 12, ,1,979
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