Chapter 3.16
CUMULATIVE RESERVE
FUND FOR MUNICIPAL
SHOP BUILDING

Sections:

3.16.010    Fund created.

3.16.020    Purposes.

3.16.030    Source and accumulation of funds.

3.16.040    Expenditures.

3.16.050    Investment of fund.

3.16.010 Fund created.

There is hereby created and established in the funds and accounts of the city, a special fund to be known and designated as the “Cumulative Reserve Fund for Municipal Shop Building” (together with such numerical designation as shall be assigned the fund by the chief financial officer of the city for accounting and budgetary purposes). (Ord. 379 § 1, 1965).

3.16.020 Purposes.

The fund shall be for the purpose of accumulating funds for the construction and maintenance of a municipal shop building to house, service, repair and maintain municipal vehicles and equipment, including the acquisition of a site or sites therefor, the construction, reconstruction, alteration and repair of a building or buildings for such purposes, the improvement and landscaping of the grounds, and the equipping and furnishing of the building and grounds for such purposes. (Ord. 379 § 2, 1965).

3.16.030 Source and accumulation of funds.

There shall be deposited and placed in the cumulative reserve fund for municipal shop building the initial sum of twenty thousand dollars derived from the sale of general obligation bonds issued pursuant to Ordinance No. 372, together with all sums which shall be budgeted and appropriated for such purpose in the future. The moneys in the fund shall be allowed to accumulate from year to year until the City Council shall determine to expend the moneys for the purposes herein specified. (Ord. 379 § 3, 1965).

3.16.040 Expenditures.

The moneys in the cumulative reserve fund for municipal shop building may be expended only for the purposes stated in Section 3.16.020 and for no other purpose unless there is an approving vote by a majority of the electors of the city at a general or special election voting on a proposal submitted to the electors to allow other specified uses to be made of the fund. (Ord. 379 § 4, 1965).

3.16.050 Investment of fund.

The City Treasurer shall be authorized to invest moneys in the fund not required for immediate expenditures in those investments permitted by law for the investment of municipal funds, including the investment of such moneys in savings and loan associations and short term United States government securities as provided by Sec. 1, Ch. 254, Laws of 1961 (RCW 36.29.020) and subject to the limitations therein contained. (Ord. 379 § 5, 1965).