1127 - Ordinance - Creating a cumulative reserve fund and amending the budgetORDINANCE NO. 1127V
AN ORDINANCE OF THE CITY OF
PORT ORCHARD CREATING A
CUMULATIVE RESERVE FUND FOR
MUNICIPAL FACILITIES AS PROVIDED
BY RCW 35.21.070 AND AMENDING
BUDGET TO APPROPRIATE FUNDS.
THE COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON
DO ORDAIN AS FOLLOWS:
Section 1. There is hereby created a Cumulative Reserve
Fund for Municipal Facilities, into which a portion of the Local
Retail Sales Tax Revenue (zC) for the year 1980 is to be placed.
Section 2. The purpose of this ordinance is to build up
reserves for future municipal facilities, with said funds to
be expended only upon Council approval.
Section 3. The Budget for the year 1980 is hereby amended
to include the appropriation and provide for the expenditure of
$56,899.00 in the Cumulative Reserve Fund for Municipal Facilities.
PASSED by the Council and approved by the Mayor this
25 th day of February, 1980.
PAUL D. POWERS, JR., Mayor
ATTEST:
R. G. Lloyd, City Cl,&rk
APPROVED AS TO FORM: