HomeMy WebLinkAbout02277ORDINANCE NO. 1571
AN ORDINANCE ESTABLISHING A CUMULATIVE RESERVE FUND
FOR THE PURPOSE OF PURCHASING, PLANNING AND MAINTAIN -
CAPITAL IMPROVEMENTS AND EQUIPMENT FOR THE CITY OF
PORT TOWNSEND, PROVIDING FOR A METHOD OF DISBURSEMENT
THEREFROM AND AUTHORIZING INVESTMENT OF BALANCES
IN SAID FUND.
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR
SESSION ASSEMBLED, DO ORDAIN AS FOLLOWS:
Section 1. There is here and hereby established a fund for
the depose and expenditure of monies appropriated thereto in. annual
budgets of the City of Port Townsend, to be known as the "Cumulative
Reserve Fund."
Section 2. The Cumulative Reserve Fund shall be a fund established
for the accumulation,of funds for capital improvements for said City,
and its various departments, and shall be used upon proper and lawful
budget procedures, as provided by the Laws of the State of Washington
and the City of Port Townsend.
Section 3. The Cumulative Reserve Fund shall be'for the
purchase, p anning and construction of capital improvements of
the said City, both for improvement and acquisition of .real property,
and for the acquisition of personal property and equipment for which
the City Council has made lawful authorization and appropriation.
Section 4. No expenditures shall be made from said Cumulative
Reserve Fund except upon appropriation in an annual City budget or
emergency ordinance as provided by law.
Section 5. The City Treasurer is here and hereby authorized,
with the consent of the Finance Committee of the City Council first
being required, to invest the monies held in the said Cumulative
Reserve Fund, and to reinvest the same, in such government securities
and bank accounts as may be permitted by the laws of the State of
Washington.
Section 6. Vouchers shall be drawn, and warrants shall be issued
and paidT on said Cumulative Reserve fund in the same manner as for
other City funds.
Section 7. This ordinance shall take effect upon its passage,
approval and publication in the form and manner required by law.
Read for the first, second and third times, passed by the
Council and approved by the Mayor on September 16, 1969.
1/ c: 1
�J,
C'FR-dl M. SMIiH /Zi2n�vi`..� >
Mayor I
APPROVED AS TO FOR14:
4; G ABRAHAhI
Cif Attorney