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HomeMy WebLinkAbout0856 OrdinanceA ORDINANCE NO. AN ORDINANCE. ESTABLISHING A SPECIAL FUND DESIGNATED AS "CUMULATIVE RESERVE FUND FOR PERMANENT STREET CONSTRUCTION AND STORM SEWER CONSTRUCTION AND RE- PEALING ORDINANCE NO. 846. THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS: Section, l.. The.re:izs- hereby established. a special fund designated as " Cumu- lative Reserve Fund for Permanent Street Construction and Storm Sewer Con- struction". The monies in said fund shall be used for permanent street constr- uction and storm sewer aonstructiog and the monies in said fund may be expended in co-operation with a Local Improvement District to that extent established by the City Council from time to time. Section 2. There shall be transferred from the Arterial Street and Storm Sewer Fund under the 1955 Budget the sum of $23, 000. 00 to the Cumulative Reserve Fund for Permanent Street Construction and Storm Sewer Construction. Section 3. The monies in said fund may be allowed to accumulate from year to year until the City Council shall determine to expend the monies in said fund for the purpose or purposes specified herein; provided, that any monies in said fund shall never be expended for any other purpose or purposes than those specified herein, without an approving vote by a majority of the electors of the City of Pasco at a general or special election voting on a proposal sub- mitted to the electors to allow other specified uses to be made of said fund. Section 4. An item for said Cumulative Reserve Fund for Permanent Street Construction and Storm Sewer Construction may be included in the annual Budget or estimate of amount required to meet public expenses for the ensuing year and a tax levy made within the limits and as authorized by law for said item; and said item and levy may be repeated from year to year until, in the judgment of the City Council, the amount required for the specified purpose or purposes has been raised or accumulated. Any monies in said fund at the end of the fiscal year shall not lapse nor shall the same be a surplus available or I which may be used for any other purpose or purposes than those specified, except as herein provided. Section 5. Ordinance No. 846 is hereby repealed and superceded by this Ordinance. Section 6. This Ordinance shall be in full force and effect five (5) days after its passage and publication as required by law. PASSED by the City Council and APPROVED by the Mayor this day of aee-e-m-bex; 19551c' !VA<.l JJ AYOR. ATTEST: City Clerk APPRO . ED AST FOR24 City Attorney P/ UIBI..ISHED: