HomeMy WebLinkAbout88-035RESOLUTION NO. 88 - 3~'
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PORT TOWNSEND ESTABLISHING POLICY
FOR THE USE OF LAND SALE INCOME
WHEREAS, the City Council of the City of Port Townsend adopted
Ordinance No. 1992 in 1984 requiring petitioners to pay one half
the appraised value of land received from vacation of a street or
alley, and,
WHEREAS, the City has begun to realize substantial amounts of
revenue from these transactions, and,
WHEREAS, the City has identified other land which may be declared
surplus in the future, and,
WHEREAS, the City Council deems it to be in the public interest
to establish a policy on the use of funds derived from these trans-
actions, now, therefore,
BE IT RESOLVED, that:
1. The net income from land sales be used for the purchase or
development of other lands for future use in expanded or improved
services.
2. Preparations be made by the Mayor, Clerk-Treasurer, and City
Attorney to isolate these funds in Such a manner as to allow moni-
toring of their accumulation and distribution.
PASSED by the City Council of the City of port Townsend this
day of ~/~ , 1988.
Attest:
City Clerk
Approved as to form:
City Attorney