Chapter 4.13
REAL ESTATE EXCISE TAX CUMULATIVE RESERVE ACCOUNT

Sections:

4.13.010    Name of fund.

4.13.020    Purpose of account.

4.13.030    Source of resources.

4.13.040    Administration of fund.

4.13.010 Name of fund.

There is created a cumulative reserve account to be known as the real estate excise tax cumulative reserve within the real estate excise tax fund created by chapter 4.12 SCC.

(Added Ord. 05-131, Nov. 21, 2005, Eff date Dec. 18, 2005; Ord. 06-081, Nov. 15, 2006, Eff date Nov. 26, 2006; Ord. 07-141, Dec. 19, 2007, Eff date Jan. 1, 2008)

4.13.020 Purpose of account.

The purpose of the real estate excise tax cumulative reserve account is to account for and accumulate the monies described in SCC 4.13.030 for financing capital projects provided for in SCC 4.12.015 as determined appropriate by the county council.

(Added Ord. 05-131, Nov. 21, 2005, Eff date Dec. 18, 2005; Ord. 06-081, Nov. 15, 2006, Eff date Nov. 26, 2006)

4.13.030 Source of resources.

(1) At the end of each fiscal year the department of finance shall compare the total appropriations of estimated real estate excise tax revenues for that year with the total actual real estate excise tax revenues for that year. If the actual real estate excise tax revenues for that year exceeded the appropriations of estimated real estate excise tax revenues for that year, the department shall deposit an amount equal to 75 percent of the difference into the real estate excise tax cumulative reserve account.

(2) Additional resources of the real estate excise tax cumulative reserve account shall consist of investment earnings and other resources determined appropriate by the county council.

(Added Ord. 05-131, Nov. 21, 2005, Eff date Dec. 18, 2005; Ord. 06-081, Nov. 15, 2006, Eff date Nov. 26, 2006)

4.13.040 Administration of fund.

(1) Monies deposited into the real estate tax cumulative reserve fund shall be placed in separate accounts and administered in accordance with RCW 82.46.010, 82.46.030, and 82.46.035 and SCC 4.12.015.

(2) The resources in the real estate excise tax cumulative reserve fund shall accumulate from year to year until such time as the council by ordinance appropriates all or part of the resources in the fund for a purpose described in this chapter. Such resources shall not be used for any other purpose, except as provided by state law.

(Added Ord. 05-131, Nov. 21, 2005, Eff date Dec. 18, 2005)