Chapter 3.26
WATER MAIN REPLACEMENT CUMULATIVE RESERVE FUND

Sections:

3.26.010  Created.

3.26.020  Transfer of funds.

3.26.030  Source.

3.26.040  Accumulation – Expenditures.

3.26.050  Purpose.

3.26.060  Investment.

3.26.010 Created.

There is hereby created and established a fund to be designated as the (413.397) water main replacement cumulative reserve fund pursuant to the provisions of RCW 35.21.070 and 35.21.080. (Ord. 447 § 1, 2003)

3.26.020 Transfer of funds.

There is hereby transferred from the water/sewer fund 401.597 beginning cash balance, operating transfer out to the water main replacement cumulative reserve fund the sum of $60,000. (Ord. 447 § 2, 2003)

3.26.030 Source.

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 water main replacement cumulative reserve fund. (Ord. 447 § 3, 2003)

3.26.040 Accumulation – Expenditures.

The monies in the water main replacement 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 or purposes thereof. (Ord. 447 § 4, 2003)

3.26.050 Purpose.

The monies in said fund shall be expended for the purpose of replacing water mains for the water department of said town and shall never be expended for any other purpose or purposes than those specified without an approving vote by a two-thirds majority of the council of said town. (Ord. 447 § 5, 2003)

3.26.060 Investment.

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. 447 § 6, 2003)