Chapter 3.15
CURRENT EXPENSE CUMULATIVE RESERVE FUND

Sections:

3.15.010    Creation.

3.15.020    Source.

3.15.030    Purpose.

3.15.040    Investment.

3.15.050    How budgeted.

3.15.010 Creation.

There is hereby created and established a fund to be known as the “town of Cathlamet current expense cumulative reserve fund” pursuant to the provisions of RCW 35.21.070 and 35.21.080. (Ord. 250 § 1, 1968)

3.15.020 Source.

Such monies as the council shall direct from monies received from the sale of timber on the town-owned lands in Section 8, Township 8 North, Range 5 West, of the Willamette Meridian in Wahkiakum County, state of Washington, shall be deposited in said current expense accumulative reserve fund. Additional funds may be deposited in said fund from time to time as may be authorized and directed by the council, or as may be contributed for the purpose of said fund by any person, firm or corporation. (Ord. 435 § 1, 2002; Ord. 382 § 1, 1997; Ord. 250 § 2, 1968)

3.15.030 Purpose.

The principal of said fund shall be used:

(1) For the purpose of providing income for the benefit of the current expense fund of said town from the investment thereof;

(2) For the purpose of acquiring real property or any interest therein, the buying of any materials or equipment, or the construction, alteration or repair of any public improvement as shall be authorized by a majority of the town councilmembers voting on a proposal submitted to the council to authorize such expenditure from the principal of said fund;

(3) For other purposes deemed beneficial to the town, not limited by subsection (2) of this section; provided, that any moneys in the fund shall never be expended for any other purpose or purposes than those specified without an approving vote by a two-thirds majority of the members of the legislative authority of the town. (Ord. 515 § 1, 2009; Ord. 465 § 1, 2004; Ord. 461 § 1, 2004; Ord. 250 § 3, 1968)

3.15.040 Investment.

The principal of said fund shall be invested and reinvested from time to time as may be required, in such a manner and in such securities or deposits as are authorized by law, for the purpose of providing income therefrom available for annual budgeting of municipal expenditures. (Ord. 250 § 4, 1968)

3.15.050 How budgeted.

At the time and in the manner authorized by law for making the annual estimate of receipts and expenditures for said town, the council shall budget, as part of the revenues for such purpose, the anticipated income from the investment of said current expense cumulative reserve fund for any authorized municipal expenditure, to the end that unless otherwise specifically provided for a definite authorized purpose in said budget, the income from said fund may be utilized for the purpose of reducing the municipal tax levies on the taxable property in said town for municipal purposes. (Ord. 250 § 5, 1968)