Chapter 3.27
CUMULATIVE RESERVE FUNDS
Sections:
3.27.040 Parks cumulative reserve fund.
3.27.050 Revenue stabilization cumulative reserve fund.
3.27.010 Reserved.
3.27.020 Reserved.
3.27.030 Reserved.
3.27.040 Parks cumulative reserve fund.
There is created and established a fund to be known as the “cumulative reserve fund for parks” into which may be paid such moneys from general and unrestricted revenues of the city as the city council may deem appropriate. This fund is created to provide for the purpose of constructing, maintaining, or improving any public park or parks. The moneys in the fund may be allowed to accumulate from year to year until the city council shall determine to expend the moneys in the fund for the purpose or purposes specified: provided, that any moneys in the fund shall not be expended for any other purpose or purposes than those specified, without an approving vote by a two-thirds majority of the members of city council. See RCW 35.21.070 and RCW 35A.33.150. (Ord. 99-6 § 26(part), 1999).
3.27.050 Revenue stabilization cumulative reserve fund.
There is created and established a fund to be known as the “cumulative reserve fund for revenue stabilization” into which may be paid such moneys from general and unrestricted revenues of the city as the city council may deem appropriate. This fund is created to provide for the receipt and expenditure of moneys for use when city revenues decrease due to unexpected economic downturns. The moneys in the fund may be allowed to accumulate from year to year until the city council shall determine to expend the moneys in the fund for the purpose or purposes specified: provided, that any moneys in the fund shall not be expended for any other purpose or purposes than those specified, without an approving vote by a two-thirds majority of the members of city council. See RCW 35.21.070 and RCW 35A.33.150. (Ord. 99-6 § 26(part), 1999).