HomeMy WebLinkAbout1924ORDINANCE NO.
AN ORDINANCE of the City of Kent, Wash-
ington, relating to the financing of con-
struction projects in the City of Kent and
providing for the establishment of project
construction funds.
WHEREAS, certain construction projects in the City of
Kent are financed in part by various sources other than special
assessment, and
WHEREAS, it has been found expedient to create an in-
termediate construction fund or funds, as a cost control and bud-
getary tool for such construction projects, NOW, THEREFORE
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
HEREBY ORDAIN AS FOLLOWS:
Section 1. Definitions.
(1) CAPITAL PROJECTS FUNDS - accounts for the receipt
and disbursement of monies used for the acquisition of capital
facilities other than those financed by special assessment and
enterprise funds.
(2) ENTERPRISE FUNDS - accounts for services to the
general public where all or most of the costs involved are paid
in the form of charges by users of such services.
(3) SPECIAL ASSESSMENT FUND - accounts for assessments
levied to finance public improvements or services deemed to bene-
fit the properties against which assessments are levied.
Section 2. Where a construction project in the City
of Kent is to be financed solely by special assessment funds, all
revenues and expenditures related to the project shall be account-
ed for through the Special Assessment Fund established in the
Ordinance creating the special assessment.
Where the financing for a construction project is, in
part or in whole, from sources other than a special assessment,
an interim construction fund shall be established into which all
monies received for the project shall be put and from which all
expenditures relating to the project shall be made. Such Con-
struction Fund shall be either a capital projects fund or an
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enterprise fund depending upon the type of project being under-
taken. The Construction Fund shall be closed upon acceptance of
the project by the City Council and payment of all outstanding
debts, with any remaining funds transferred to the appropriate
account, agency or fund.
Section 3. All construction funds in existence as of
the date of this Ordinance are hereby recognized.
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.
Y
ISABEL HOGAN, MAYA
ATTEST:
,t Jird /
--BRIE-- �ws-EIPd , nTY CLERK
tPROVED AS TO FORM:
�l
DONALD E. MIRK, CITY ATTORNEY
PASSED the I day of May, 1975.
APPROVED the ell, day of May, 1975.
PUBLISHED THE_ day of May, 1975.
I hereby certify that this is a true copy of Ordinance
No. / 9�y , passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as
hereon indicated.
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.SE , CIT CLERK
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