Chapter 3.30
CAPITAL PROJECTS CUMULATIVE RESERVE FUND

Sections:

3.30.010  Creation.

3.30.020  Source.

3.30.030  Purpose.

3.30.040  Investment.

3.30.050  How budgeted.

3.30.010 Creation.

There is hereby created and established a fund to be known as the town of Cathlamet capital projects cumulative reserve fund for capital projects, pursuant to the provisions of RCW 35.21.070 and 35.21.080. (Ord. 383 § 1, 1997)

3.30.020 Source.

Such monies as the council shall direct from monies received for timber on the town-owned lands on Section 8, Township 8 North, Range 5 West of the Willamette Meridian, in Wahkiakum County, state of Washington, except so much thereof as shall be required for costs and expenses incident to said sale, which shall include the cost of conducting and supervising sale and removal of timber, the construction of roads incident to the harvesting of timber and future utilization of said lands, and the reforestation thereof following the removal of timber, shall be deposited in said capital projects cumulative 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. 383 § 2, 1997)

3.30.030 Purpose.

The principal of said fund shall be used for the purpose of providing monies for the planning and construction of capital projects of said town, the construction, alteration or repair of any public building or work, or the making of any public improvement; 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. 383 § 3, 1997)

3.30.040 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. 383 § 4, 1997)

3.30.050 How budgeted.

At the time and in the manner authorized by law for making the annual receipts and expenditures for said town, the council shall budget, as part of said capital projects reserve fund and so much of the principal and accumulated interest of said fund as shall be determined by the council, for any authorized capital project. (Ord. 383 § 5, 1997)