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HomeMy WebLinkAbout01631ORDINANCE N0. ii (� AN ORDINANCE of the City of Port Townsend authorizing the establishment of a Cumulative Reserve Fund for the Olympic Gravity Water Works system of said City. THE CITY COUNCIL OF THE CITY OF PORT TOIYNSEND DO ORDAIN AS FOLLOWS: Section 1. That under the provisions of Chapter 60, Laws of Washington, 1.941, and with the intent of accumulating money to later provide for the making of additions and betterments to, and extensions and replacements of, the existing municipal water works system of the City of Port Townsend., there be and is hereby established a fund of said city to be known and designated as "CUMULATIVE RESERVE FIIND for the OLYMPIC GRAVITY WATER SYSTEM". Section 2. That hereafter, when in the judgment of the City Council of the City of Port Townsend, there appears to be in the Olympic Gravity 'dater Fund of said city an amount of money in excess of the instant demands therefor, as fixed by Ordinance No. 947 of said city entitled: "AN ORDINANCE specifying and adopting a system or plan for the making of additions or betterments to and extensions of the excisting municipal water works system of the City of Port Townsend, declaring the estimated cost thereof, as near, as may be, providing for the ' issuance and sale of bonds to secure funds therefor, and submitting such plan or system to the qualified voters of said city at a special election to be held therein on August 16, 1927," which said ordinance was Passed by City Council July 19, 3.927 and Approved by the Mayor July 19, 1927, said City Council may, by resolution, authorize the transfer of such excess to said "Cumulative Reserve Fund for the Olympic Gravity Water System" and,such transfers shall accumulate from year to year until the City Council shall determine to expend the same for the purposes specified in Section 1 hereof, PROVIDED, the any moneys in said fund shall never be expended for any purpose other than those specified in Section 1, without an approving vote by a majority of the electors of the City of Port Townsnnd at a general or special election voting; on a pDoposal submitted to them