Chapter 3.32
LIBRARY CAPITAL PROJECTS AND EQUIPMENT CUMULATIVE
RESERVE FUND

Sections:

3.32.010  Creation.

3.32.020  Source.

3.32.030  Purpose.

3.32.040  Investment.

3.32.050  How budgeted.

3.32.010 Creation.

There is hereby created and established a fund to be known as the town of Cathlamet library capital projects and equipment cumulative reserve fund, pursuant to the provisions of RCW 35.21.070 and 35.21.080. (Ord. 413 § 1, 2000)

3.32.020 Source.

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. 413 § 2, 2000)

3.32.030 Purpose.

The principal of said fund shall be used for the purpose of providing monies for the planning and construction of library-related capital projects and equipment of said town and the construction, remodeling, alteration or enhancement of the town library; provided, that any monies in said fund shall never be expended for any purpose or purposes other than those specified. (Ord. 413 § 3, 2000)

3.32.040 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. 413 § 4, 2000)

3.32.050 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 said library 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 project, equipment, or enhancement. (Ord. 413 § 5, 2000)