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ORDINANCE NO.. 1 r�
AN ORDINANCE OF THE CITY -OF RENTON, WASHINGTON,
CREATING A_SPECIAL FUND TO BE KNOWN AS THE
"CUMULATIVE RESERVE FUND FOR THE REPLACEMENT
OF MOVABLE EQUIPMENT" AND PRESCRIBING THE PUR-
POSES 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 Reserve Fund for the
Replacement of Movable Equipments', and there shall be paid into
said fund annually so much as may be determined by the City Council
of the.City of Renton.
SECTION II: All monies in said Cumulative Reserve Fund
may, on order of the City Council, be invested in proper securities
in the manner provided by law and all interest earned.thereon
shall become a part -of such fund. -
SECTION III: While the monies accumulated in said' -fund
shall be expended primarily for the purpose of making replacement
of movable equipment (i.e. vehicles and vehicular equipment) of the
tax -supported funds of the City of Renton, said fund shall not be
deemed to be exclusively or irrevocably pledged to such purpose
but may be used., upon order of the -City Council, for the purpose
of making additions, repairs,, betterments to and extensions of the
several public works facilities which derive their revenues, wholly
or partly, from taxes; and the monies in said fund shall always be
subject to disposition .by the -City Council for any of the uses and
purposes herein specified.
.SECTION IV: This Ordinance shall be in full force and
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effect from and after its passage, approval and publication,
PASSED BY THE CITY COUNCIL this day of _ 7) , 1957'
Elton L.:Alexander, City Clerk
APPROVED BY THE MAYOR this,-* day of �� , 1957.
APPROVED AS TO FORM;
Joe R.' Baxter, Mayor
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Gerard M. Shellan, City Attorney
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