HomeMy WebLinkAbout1914ORDINANCE N0. _IqL�_
AN ORDINANCE of the City of Kent, Wash-
ington, creating the Street Forward Thrust
Fund and defining its purpose.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
HEREBY ORDAIN AS FOLLOWS:
Section 1. The Kent Street Forward Thrust Fund is here-
by created. The Fund shall be for the receipt of all funds used
for the acquisition and development of approved Street Forward
Thrust projects. Payment for all project costs are to come from
such funds.
Section 2. In the event that sufficient cash is not on
hand to pay current construction or acquisition costs, the City
Treasurer is hereby authorized to issue interest bearing warrants
for interim financing purposes; it being recognized that payments
to vendors and contractors must be made prior to submittal to
other federal and state agencies for reimbursement.
Section 3. Since all costs of acquisition and develop-
ment will ultimately be transferred to the General Fixed Asset
group of accounts in the Street Fund, and that ownership will ves
in the City, it is agreed that all interest bearing warrants
issued by the Street Forward Thrust Fund for approved purposes
will be guaranteed for payment by the City Street Fund, i.e. the
general funds of the City.
Section 4. This Ordinance shall take effect and be in
force five (5) days from and after its passage, approval and
publication, as provided by law.
i
Isabel Hogan, a or
ATTEST:
I;idSEN, "CITY c:xn
ROVED AS TO�FORM:
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. 1'11 V" ,
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PASSED the day of May, 1975.
APPROVED the day of May, 1975.
PUBLISHED the day of May, 1975.
I hereby certify that this is a true copy of Ordinance
No. /e.?15z , passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as here
on indicated.
i `"� SEAL)
ITY CLERK
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