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HomeMy WebLinkAbout1980-2389 ORDINANCE NO. AN ORDINANCE relating to funds and accounts; changing the name of the Bicentennial Pavilion Construction Fund to the Capital Improvement Fund for Convention Cen ter and Performing Arts Center Facilities; desig- 410 nating sources of funds therefor, and regulating expenditures therefrom; creating the Capitol Theatre Operating Fund; designating sources of revenue therefor, and regulating expenditures therefrom; and amending Sections 3.93.040, 3.98.010, 3.98.020 and 3.98.030, and enacting Section 3.98.040 as a new section, all of the City of Yakima Municipal Code. BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. Section 3.93.040 of the City of Yakima Municipal Code is hereby amended to read as follows: "3.93.040 Capital Improvement'Fund for Convention Center and Performing Arts Center Facilities. A. Fund named. The name of the special fund known as the Bicentennial Pavilion Construction Fund is hereby changed and that fund shall be hereafter called the Capital Improvement Fund for Convention Center and Performing Arts Center Facilities. B. Source of funds. (1) All proceeds of the special excise tax imposed and administered as provided by Sections 3.93.010, 3.93.020 and 3.93.030 of the City of Yakima Municipal Code, or any portion of such tax not otherwise appro- -priated in any annual budget or otherwise for expen- diture from some other appropriate fund, and all revenue paid to the City by the County of Yakima as proceeds from the special tax imposed by the County of Yakima pursuant to R.C.W. 67.28.180 (prior to its amendment by Chapter 225, Section 1, Laws of 1975, 1st Extra- ordinary Session), shall be deposited in the Capital Improvement Fund for Convention Center and Perform- ing Arts Center Facilities, together with all proceeds to the City consisting of excess profits derived from the operation of the Capitol.Theatre and funds from other sources as may be determined from time to time by the Yakima City Council. (2) All money presently deposited in the Capitol Theatre Fund is hereby transferred to the Capital Improvement Fund for Convention Center and Performing Arts Center Facilities on the dissolution of that Capitol Theatre Fund as provided by Section 3.98.040 of the City of Yakima Municipal Code; and the Capital Improvement Fund for Convention Center and Performing Arts Center Facilities shall assume the accounts receivable and liabilities of the Capitol Theatre Fund existing at the effective date of said section 3.98.040 of the City of Yakima Municipal Code. C. Purpose--Expenditures. 111 (1) Expenditures from the Capital Improvement Fund for Convention Center and Performing Arts Center Facilities shall be made only to pay or secure the pay ment of all or any portion of general obligation bonds or revenue bonds issued for purposes authorized by Chapter 67.28 of the Revised Code of Washington and for the purposes of paying all or any part of the cost of . acquiring, constructing or equipping stadium facilities, convention center facilities, performing arts center facilities, and /or visual arts center facilities; provided, proceeds to the City consisting of excess profits derived from the operation of the Capitol Theatre shall be spent only for the repair and res- toration of the Capitol Theatre building and fixtures and appurtenances thereto and for other capital expen- ditures incurred by the City arising from the owner - ship of the Capitol Theatre premises, and to maintain and preserve the Capitol Theatre premises and improve- ments thereto. (2) No expenditure shall be made from the Capital Improvement Fund for Convention Center and Performing Arts Center Facilities unless the City Council shall approve such expenditure by passing an ordinance appro- priating money within the fund for the purpose for which the expenditure is to be made or by including an appro- priation for such purpose in any annual budget." Section 2. Section 3.98.010 of the City of Yakima Municipal Code is hereby amended to read as follows: "3.98.010 Fund created -- Purposes. There is hereby created a special fund to be known as the Capitol Theatre Operating Fund. Money in such fund shall be spent only for expenses incurred or assumed by the City for the maintenance, management or operation of the Capitol Theatre." Section 3. Section 3.98.020 of the City of Yakima Municipal Code is hereby amended to read as follows: "3.98.020 Source of funds. The sources of money to be deposited in the Capitol Theatre Operating Fund shall include federal shared revenue transferred to such fund in amounts authorized by the City Council from time to time, revenue from the special excise tax .imposed and administered as provided by Sections 3.93.010, 3.93.020 and 3.93.030 of the City of Yakima Municipal Code (Room Tax) in amounts authorized by the City Council from time to time, and other sources of available funds as may be authorized by the City Council from time to time." Section 4. Section 3.98.030 of the City of Yakima Municipal Code is hereby amended to read as follows: "3.98.030 Expenditures. Expenditures from the Capitol Theatre Operating Fund shall be made only for the purposes specified in Section 3.98.010. No expen- diture shall be made from such fund unless the City Council approves such expenditure by passing an ordi- nance appropriating money within such fund for the purpose for which the expenditure is to be made, or by including an appropriation for such purpose in any annual budget." -2- Section 5. Section 3.98.040 is hereby enacted as a new section of the City of Yakima Municipal Code, to read as follows: "3.98.040 Dissolution of Capitol Theatre Fund. All money presently deposited in the Capitol Theatre Fund is hereby transferred to the Capital Improvement Fund for Convention Center and Performing Arts Center Facilities all as contemplated by Subsection 3.93.040 B (3) of the City of Yakima Municipal Code, and the Capitol Theatre Fund is hereby dissolved." Section 6. This ordinance shall be in full force and effect thirty days after its passage, approval and publication as pro- vided by law and by the City Charter. PASSED BY THE CITY COUNCIL, signed and approved this aZ5 day of, s i t YtadteS- , - , 1980. ist1 Mayor ATTEST: • Deputy City Clerk 410 -3-