HomeMy WebLinkAbout2099ORDINANCE NO. oq i
AN ORDINANCE of the City of Kent,
Washington, relating to the financing of
construction projects in the City of Kent,
providing for the establishment of project
construction funds, authorizing issuance
of interest bearing warrants against such
funds and repealing Ordinance 1924.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON,
DO HEREBY ORDAIN AS FOLLOWS:
Section 1. DEFINITIONS.
[1] Capital Projects Funds - accounts for the re-
ceipt and disbursement of monies used for the
acquisition of capital facilities other than
those financed by special assessment and enter-
prise 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 assess-
ments levied to finance public improvements or
services deemed to benefit the properties a-
gainst 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 special assessments,
a construction fund shall be established into which all monies re-
ceived for the p; oject shall be put and from which all expendi-
tures relating to the project shall be made. Among the expendi-
tures which are expressly authorized is the issuance of interest
bearing warrants against any such construction fund. Such con-
struction fund shall be either a capital projects fund or an
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. Ordinance 1924 is hereby repealed in its
entirety.
Section 5. 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 SABE]
AT I`EB,T :- -
MARIE JENSEN, CILY CLERK
A ROVED AS TO FORM:
DONALD E. MIRK, CITY ATTORNEY
PASSED the day of June, 1978.
APPROVED the —�— day of June, 1978.
PUBLISHED the day of June, 1978.
, MAYOR
I hereby certify that this is a true copy of Ordi-
nance No. 2,022 passed by the City Council of the City of
Kent, Washington, and approved by the Mayor of the City of Kent
as hereon indicated.
(SEAL)
MARIE JE N, CITY CLERK
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