HomeMy WebLinkAboutORD 16493
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ORDINANCE NO.
AN ORDINANCE OF THE CITY -OF RENTON, WASHINGTON,
CREATING A.SPECIAL FUND TO BE KNOWN AS THE
"CUMULATIVE WATER 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 -created and established a
special fund to be known as the."Cumulative Water Department Re-
serve.Fund" 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 Water Department -of the City of Renton
over and above':the sums required to pay all the expenses in con-
nection with the operation and maintenance of said Department and
the interest and principal of any bonds issued against the revenues
of said Department as they mature.
SECTION II: All monies in said "Cumulative Water De-
partment -Reserve Fund" may, on order of the -City Council., be in-
vested in proper securities in the manner provided by law and all
interest thereon shall become part of said fund.
SECTION III: While the monies so placed in said fund
shall be expended primarily for the purpose of making replacement
of automotive equipment of the Water Department, 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
the bonded indebtedness of said Department or for the purpose of
making additions-, repairs, betterments and .extensions of the
municipal water system; and the monies in said fund shall always
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be subject to disposition by the -Council for any of 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 OY , 1957.
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Elton L..Alexander, City Clerk
APPROVED BY THE MAYOR this27`_ y da of ,<� 1957.
APPROVED AS TO FORM:
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Gerard M. Shellan,.City Attorney
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Joe R. Baxter, Mayor