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ORDINANCE NO. 7 Z Z
AN ORDINANCE of the City of Kent,
Washington creating a Cumulative Reserve
Equipment Rental Fund, defining the pur-
pose of The Fund, providing for payments
into The Fund, providing for disbursements
from The Fund, and limiting The Fund to
specific uses without the vote of the
electors authorizing other uses.
THE CITY COUNCIL OF THE CITY OF KENT; WASHINGTON,
DO ORDAIN AS FOLLOWS:
Section 1. There is hereby created in the office of the
City Treasurer a special fund to be known as the CUMULATIVE RE-
SERVE EQUIPMENT RENTAL FUND, hereinafter called "The Fund".
Section 2. The purpose of The Fund is to provide monies
for purchase of equipment for the Equipment Rental Fund.
Section 3. Transfer shall be made into The Fund each
month from the Equipment Rental Fund. The amount to be trans-
ferred into The Fund each month shall be a fixed percentage of the
monthly gross revenue received by the Equipment Rental Fund from
rental of equipment. The percentage shall be fixed each January
by Resolution of the City Council.
Section 4. Additional monies may be transferred into
The Fund as a part of the annual budget of the City and tax leviesi,
for this purpose may be made within the limits and as authorized
by law for this purpose. .
Section 5. When purchase of replacement equipment for
the Equipment Rental Fund has been authorized by the City Council,
transfers from The Fund back to the Equipment Rental Fund shall be
made for the purpose of making such purchases.
Section 6. Accumulated interest shall accrue to the
benefit of The Fund and the money in The Fund shall be allowed to
accumulate year to year until the City Council shall determine to
expend the money in The Fund for the purchase of new equipment for
the Equipment Rental Fund.
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Section 7. Money in The Fund shall never be expended
for any other purpose than for transfer back to the Equipment
Rental Fund for purchase of equipment unless the majority of the
electors of the City of Kent at a general or special election vote
to allow some other specified use or uses to be made of The Fund.
Section 8. This Ordinance shall take effect and be in
force five (5) days from and after its passage, approval and
publication as provided by law.
ISABEL HOGAN, OR
s
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U
ATTEST:
y c:.te
APPROVED AS TO FORM:
DONALD E. MIRK, City Attorney
Passed the '7-d,.day of June, 1971.
Approved the Q-4 day of June, 1971.
Published the day of June, 1971.
I hereby certify that this is a true copy of Ordinance
No. 17��, passed by the City Council of the City of Kent and
approved by the Mayor of the City of Kent as hereon indicated.
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(SEAL)
MARIE JENSE ity Clerk