Chapter 3.08
CUMULATIVE RESERVE FUND*
Sections:
3.08.010 Established—Purposes designated.
3.08.030 Appropriation in annual budget.
* For statutory provisions requiring code cities to establish such funds as are required by general law, and to follow the accounting practices as are therein required, see RCW 35A.37.010; for the statutory provisions authorizing the creation of cumulative reserve funds for municipal purposes, see RCW 35.21.070—35.21.080.
3.08.010 Established—Purposes designated.
There is created a fund to be known as the “cumulative reserve fund” for municipal purposes, including the accumulation of funds for the acquiring of materials, supplies and equipment, for municipal purposes, and for the acquisition, construction, alteration or repair of public buildings, structures and works, including consultants, engineering, legal fees and architectural costs and the acquisition of lands, sites or rights of way, and the accumulation of funds for health and sanitation purposes, public improvements and any other proper municipal expense. (Ord. 448 § 1, 1946).
3.08.020 Deposit of moneys.
All money now or hereafter budgeted and appropriated for the purpose of said fund, as hereinbefore specified, shall be deposited in said fund. (Ord. 448 § 2, 1946).
3.08.030 Appropriation in annual budget.
For the purpose of accumulating said fund the city council shall be and it is authorized to appropriate each year, at the time of making and adopting the annual budget of the city an item of money for said fund, and to include such item in the annual budget, and to make a tax levy within the limits and as authorized by law for such item. Said item and levy may be repeated from year to year until, in the judgment of the legislative authority of the city, the amount required for the specified purposes herein set forth has been raised or accumulated. Any moneys in the fund at the end of the fiscal year shall not lapse nor shall the same be a surplus available or which may be used for any other purpose than that specified herein, except as expressly provided in RCW 35.21.070 and 35.21.080. (Ord. 448 3, 1946).