Chapter 3.54
CUMULATIVE RESERVE FUND – MUNICIPAL CAPITAL IMPROVEMENT PURPOSES
Sections:
3.54.010 Created.
There is created a special fund to be designated, “cumulative reserve fund for municipal capital improvement purposes.” (Ord. 617 § 1, 1982).
3.54.020 Use restricted.
All moneys received from the one-quarter percent real estate excise tax shall be placed in said fund. Moneys in said fund shall only be used for municipal capital improvements including those listed in RCW 35.43.040 as is now in force or hereafter amended or otherwise modified. (Ord. 617 § 2, 1982).
3.54.030 Expenditures.
Expenditures from that fund shall be made only by motion of the council of the city of Oak Harbor, Washington. (Ord. 617 § 3, 1982).