Chapter 3.40
MUNICIPAL CAPITAL IMPROVEMENT FUND
Sections:
3.40.010 Established.
There is established a separate fund which shall be delineated as the municipal capital improvement fund for public facilities. (Ord. 1526 § 1, 2002; Ord. 886 § 1, 1982).
3.40.030 Source of funds.
All moneys received from the real estate excise tax (Chapter 3.34 PMC) and the sale of surplus rights-of-way, easements, and public properties owned by the city of Pacific shall be deposited into the municipal capital improvement fund. (Ord. 1955 § 1, 2017; Ord. 1526 § 1, 2002).
3.40.040 Use of funds.
The moneys placed into the municipal capital improvement fund shall be used as follows:
A. One-half of the revenue received by the city as compensation for a street vacation shall be dedicated to the acquisition, improvement, development and related maintenance of public open space or transportation capital projects within the city, as required by RCW 35.79.030.
B. Proceeds from the REET tax collected under PMC 3.34.040 shall be used by the city solely for financing capital projects specified in a capital facilities plan element of a comprehensive plan and housing relocation assistance under RCW 59.18.440. “Capital project” means those public works projects of the city for planning acquisition, construction, reconstruction, repair, replacement, rehabilitation or improvement of streets, roads, highways, sidewalks, street and road lighting systems, traffic signals, bridges, domestic water systems, storm and sanitary sewer systems, parks, recreational facilities, law enforcement facilities, fire protection facilities, trails, libraries, administrative facilities, judicial facilities, river flood control projects, waterway flood control projects by those jurisdictions that, prior to June 11, 1992, have expended funds derived from the tax authorized by PMC 3.34.040 for such purposes, and technology infrastructure that is integral to the capital project.
C. Proceeds from the REET tax collected under PMC 3.34.025 shall be used by the city for capital projects such as those city public works projects for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation, or improvement of streets, roads, highways, sidewalks, street and road lighting systems, traffic signals, bridges, domestic water systems, storm and sanitary sewer systems, and planning, construction, reconstruction, repair, rehabilitation or improvement of parks. (Ord. 1955 § 2, 2017; Ord. 1526 § 1, 2002).