Chapter 3.70
WATER-SEWER CUMULATIVE RESERVE FUND
Sections:
3.70.010 Established.
3.70.020 Purpose.
3.70.030 Allocations and disbursements.
3.70.010 Established.
There is hereby established and created a fund of the town of Twisp to be known as “cumulative reserve fund – water/sewer,” which fund shall be kept and accounted for by the clerk-treasurer of said town the same as other funds of the town. (Ord. 271 § 1, 1981)
3.70.020 Purpose.
The purposes for which said fund is created is the accumulate and segregate funds for acquisition and construction of a water well, well site, water storage reservoir, and other capital improvements for use in connection with the water-sewer utility of the town of Twisp. (Ord. 271 § 2, 1981)
3.70.030 Allocations and disbursements.
Each year hereafter, commencing with the budget year 1982, the town council shall provide by its annual budget such funds as said council shall deem proper to be allocated to said cumulative reserve fund – water/sewer, and the monies so allocated and any balances thereof shall be allowed to accumulate from year to year until the same shall be expended for purposes specified in this chapter, and no expenditure of such funds shall ever be authorized or made except for the purposes herein specified unless otherwise authorized by law. (Ord. 271 § 3, 1981)