Chapter 3.27
SEWER CAPITAL PROJECTS AND EQUIPMENT CUMULATIVE
RESERVE FUND

Sections:

3.27.010    Created.

3.27.020    Source.

3.27.030    Purpose.

3.27.040    Investment.

3.27.050    How budgeted.

3.27.010 Created.

There is hereby created and established a fund to be known as the town of Cathlamet sewer capital projects and equipment cumulative reserve fund. (Ord. 407 § 1, 2000)

3.27.020 Source.

Effective January 1, 2009, funds derived from the $2.00 per month sewer rate increase authorized in Ordinance 402 (Chapter 13.20 CMC) shall be thereafter deposited in the town of Cathlamet water and sewer operations fund (Account No. 401). Additional funds may be deposited in said fund from time to time as may be authorized or directed by the council, or as may be contributed for the purpose of said fund by any person, firm or corporation. (Ord. 509 § 1, 2008; Ord. 407 § 2, 2000)

3.27.030 Purpose.

The principal of said fund shall be used for the purpose of providing monies for the planning and construction of sewer-related capital projects and equipment of said town and the construction, alteration or repair of the sewer system; provided, that any monies in said fund shall never be expended for any purpose or purposes other than those specified without an approving vote by a two-thirds majority of the members of the legislative authority of the town. (Ord. 407 § 3, 2000)

3.27.040 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. (Ord. 407 § 4, 2000)

3.27.050 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 current expense cumulative reserve fund and so much of the principal and accumulated interest of said fund, as shall be determined by the council for any authorized sewer capital project or sewer-related equipment. (Ord. 407 § 5, 2000)