HomeMy WebLinkAbout1996-062 Transit Capital Reserve Fund t.
ORDINANCE NO. 96 -62
AN ORDINANCE relating to funds and accounts, expanding the purpose of the
Transit Capital Reserve Fund to include transfers to the
operating fund as needed, and to be allocated_transit sales
( tax revenue, and amending section 3 69 010 and 3 69 020 of
the City of Yakima Municipal Code.
BE IT ORDAINED BY THE CITY OF YAKIMA.
Section L Section 3 69 010 is hereby amended to read as follows.
"3.69.010 Funds Created -- Purpose. There is hereby created a
special fund to be known as the Transit Capital Reserve Fund. The money in said
fund shall be expended only for the purpose of purchasing capital needs related to
the City of Yakima transit system and, from time -to -time, operating transfers to
the Transit Operating Fund as may be needed."
Section 2. Section 3 69 020 of the City of Yakima Municipal Code is hereby
amended to read as follows.
"3.69.020 -- Source of Funds The source of funds for the Transit
Capital Reserve Fund shall be allocations from the transit local option sales tax
and, from time to time, transfers of excess local option sales tax from the Transit
Operating Fund, or from such other available funds as may be authorized by the
City Council Revenue received by the City as grants for transit capital purposes
shall also be placed in the fund."
Section 3. This ordinance shall be in full force and effect thirty days after
its passage, approval and publication as provided by law and by the City Charter
PASSED BY THE CITY COUNCIL, signed and approved this 3rd day of
tiM1996
i
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YNN UCHANAN, MAYOR
ATTEST.
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CITY CLERK
September 6, 1996
Publication Date: S P
Effective Date: October 6, 1996
Legal BD /Ord. 3.69.010
BUSINESS OF THE CITY COUNCIL
• YAKIMA, WASHINGTON
AGENDA STATEMENT a
Item No
For Meeting Of 9/3/96
ITEM TITLE Ordinance amending City Code Section(s) 3.69 010 & 3.69 020, expanding the
purpose of the Transit Capital Fund, making provision to receive local option transit sales tax
allocations, and, under certain circumstances to transfer hese to =s to the Transit Operating
Fund.
SUBMITTED BY Department of Finance & Budg :t
CONTACT PERSON/TELEPHONE John Hanso , D' = or •f Finance & Budget 575 -6070
Tim Jensen, •untant 576 -6639
SUMMARY EXPLANATION It is necessary to allocate Transit Sales Tax to the Transit Capital
Fund, and, under certain circumstances, to transfer these taxes to the Transit Operating Fund.
The attached ordinance amends the City Code sec(s) 3 69 010 & 3.69 020 making these
allocations and transfers possible
• Resolution _ Ordinance _X Contract Other (Specify)
Funding Source N/A
APPROVED FOR SUBMITTAL.
City Manager
STAFF RECOMMENDATION Adopt Ordinance
BOARD /COMMISSION RECOMMENDATION Council Transit Committee recommends
approval
COUNCIL ACTION
•