Chapter 3.10
FIRE DEPARTMENT CUMULATIVE RESERVE FUND

Sections:

3.10.010  Created.

3.10.020  Transfer of funds.

3.10.030  Contribution of funds.

3.10.040  Accumulation of funds.

3.10.050  Purpose.

3.10.060  Investment of funds.

3.10.010 Created.

There is hereby created and established a fund to be designated as the fire department cumulative reserve fund pursuant to the provisions of RCW 35.21.070 and 35.21.080. (Ord. 233 § 1, 1964)

3.10.020 Transfer of funds.

There is hereby transferred from the current expense fund to the fire department cumulative reserve fund the sum of $10,000 from the monies budgeted to the fire department for capital outlay in the budget for 1964. (Ord. 233 § 2, 1964)

3.10.030 Contribution of funds.

There shall be placed in said fund from time to time such further sums as may be directed by ordinance, or as may be provided for in the annual budget for said town, and such other sum or sums as may be contributed for the purposes of said fire department cumulative reserve fund. (Ord. 233 § 3, 1964)

3.10.040 Accumulation of funds.

The monies in the fire department cumulative reserve fund may be allowed to accumulate from year to year until the council shall determine to expend monies from said fund for the purpose of purposes thereof. (Ord. 233 § 4, 1964)

3.10.050 Purpose.

The monies in said fund shall only be expended for the purpose of acquiring apparatus and equipment for capital outlay for the fire department of said town and shall never be expended for any other purpose or purposes than those specified without an approving vote by a majority of the electors of said town at a general or special election voting on a proposal submitted to the electors to allow other specified uses to be made of said fund. (Ord. 233 § 5, 1964)

3.10.060 Investment of funds.

The monies in said fund shall be invested as authorized by the council in the manner provided by law with the income from such investments to inure to the credit of said fund. (Ord. 233 § 6, 1964)