HomeMy WebLinkAbout1170ORDINANCE N0. � i
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An Ordinance creating a "Cumulative Reserve Fund
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1 \Q1 for OFF STREET PARKING".
2 1 THE CITY COUNCIL OF THE CITY OF KENT do ordain as follows:
Section 1. that there shall be and there is hereby created,
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under the provisions of R.C.W.35.21.070 and 35.21.080, a
5 "Cumulative Reserve Fund for Off Street Parking' for the purpose
6 of accumulating sufficient moneys for the purpose of purchasing,
7 leasing, receiving, holding and constructing off street parking
8 facilities within the City of Kent.
9 Section 2. That there shall be deposited in said fund the
10 following items of income, to -wit:
11 (a) All moneys required to be paid to the City under the
terms of Section 10.11.03 of Ordinance No. 1071, as
12 amended.
iters and
13 (b) �uch/amounts as may be included in the City's annual
budget of amounts required to meet public expense for
14 the ensuing year and a tax levy made within -the limits
and as authorized by law for said purpose; said item and
15 levy may be repeated from year to year until in the
judgment of the legislative body of the city or town the
16 amount required for the specified purpose of this fund
has been raised or accumulated from said levy and any
17 other funds paid into this reserve fund.
18 (c) Such other amounts as the Council may from time to time,
and from items of income other than tax levy, include
19 in the city's budget of amounts required to meet public
expense for the ensuing year.
20 - Section 3. The moneys in the fund hereby created may be allowe
21 to accumulate from year to year until the legislative authority of
22 the City em shall determine to expend the moneys in the
23 and for the purpose or purposes specified.
24 Sjactiond.4nThi8 ordinance shall take effect and be in force five
25 1�ays from and after its passage, approval and publication as by
26 Law provided.
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App ved as to form:4N
30 City ttrney
Passed January 21, 1963
31 pproved January 22, 1963
ublished January 23,1963.