HomeMy WebLinkAbout1970-1265 ORDINANCE NO. );1.(e.S.:
AN ORDINANCE relating to municipal finance; creating, and designating
purposes of, a Cumulative Reserve Fund For Capital
Improvements; specifying sources of funds for and the
manner of authorizing expenditures from such fund;
111 creating Chapter 3.80, Cumulative Reserve Fund For
Capital Improvements, and Sections 3.80.010, 3.80.020
and 3.80.030 as a new chapter and new sections of the
City of Yakima Municipal Code; and declaring an emergency.
BE IT ORDAINED BY THE CITY OF YAKIMA: •
Section 1. Chapter 3.80, Cumulative Reserve Fund For Capital
Improvements, is hereby created and adopted as a new chapter of the
City of Yakima Municipal Code, which new chapter, consisting of Sec-
tions 3.80.010, 3.80.020 and 3.80.030, shall read as follows:
CHAPTER 3.80
CUMULATIVE RESERVE FUND FOR CAPITAL IMPROVEMENTS
3.80.010 Fund Created--PaToses. There is hereby created
a special fund to be known as the Cumulative Reserve Fund For
Capital Improvements. The money in the fund shall be used only
to pay for capital improvements consisting of acquiring proper-
ty, constructing, altering or repairing any public building or
work, making any public improvement, or purchasing supplies,
material or equipment specified as capital improvements by
budget laws, rules or regulations applicable at the time of any
such purchase. Purposes for which expenditures from the fund
fl may be made include, but are not limited to, planning, engineer-
ing, architectural, appraisal and similar costs related to
capital improvements; payment of principal of and/or interest
on expenditures for capital improvements; as matching funds
to qualify for, or to spend in conjunction with, county, state
or federal grants for capital improvements; and to pay all or
any part of any bonded indebtedness hereafter incurred by the
city for any capital improvement.
3.80.020 Source of Funds. Effective January 1, 1971, one-
half of all revenue derived from general sales and use taxes
imposed by Chapter 3.78 of the City of Yakima Municipal Code,
as it then exists or as it thereafter may be amended, shall be
deposited in the Cumulative Reserve Fund For Capital Improve-
ments. From time to time, the City Council may transfer or
otherwise deposit money from any other available source into
411 such fund.
3.80.030 Expenditures. Expenditures from the Cumulative
Reserve Fund For Capital Improvements shall be made only for
the purposes mentioned in Section 3.80.010 of this Chapter.
No expenditure shall be made from such fund unless the City
Council shall approve such expenditure by passing an ordinance
appropriating money within the fund for the purpose for which
tl)e expenditure is to be made or by including an appropriation
for such purpose in the budget.
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Section 2. This ordinance is one to provide for the immediate
preservation of the public peace, property, health, safety and wel-
fare of the people of the City of Yakima and an emergency is hereby
411 declared to exist and this ordinance shall be in full force and
effect immediately upon its passage, approval and publication as
provided by law and by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 30th day
of November, 1970.
1
",
Mayor
ATTEST:
City Clerk
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