Chapter 3.15
CITY POLICY – USE OF DEBT SERVICE FUNDS

Sections:

3.15.010    Debt service funds policy.

3.15.010 Debt service funds policy.

It is the policy of the city that funds may be established, with approval by city council and as the need arises, to account for repayment of governmental long-term debt for which separate fund accounting is prudent and/or prescribed by the Washington State Auditor’s Office. Such funds will account for the receipt and disbursement of resources accumulated for the purpose of repayment of governmental long-term debt. The assignment of fund numbers and designation of governmental or business-type will be carried out by the finance director in accordance with the Washington State Auditor’s Office and/or generally accepted accounting practices. Once the need for any such funds has been eliminated the funds will be closed. No funds will be established until there has been specific authorization by the city council for the city to issue the debt. [Ord. 26-15 § 1, 2015].