787_00001ORDINANCENO.787
AN ORDINANCEESTABLISHING A CUMULATIVERESERVE FUND FOR THE FURPOSEIOFBUILDINGCIVICCENTERFACILITIES.
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DO ORDAIN AS FOLLOWS:
Section 1.An accumulative reserve fund is hereby established for the purpose ofreservingspecificFederalRevenueSharingFundsforconstructionofCivicCenterfacilities.
Section 2.The following funds ihall be transferred into the Cumulative ReserveFundfromthefollowingCityofMosesLake1976Budgetappropriations.
Budget Code 199-511-50-999-622 Revenue Sharing $500,000BudgetCode005-519-63-999-621 General Fund $100,000
Total Transfer $600,000
Section 3.All interest earned shall remain in the Cumulative Reserve Fund.
Section 4.The money in this fund shall be allowed to accumulate from year to yearsatiltheCityCouncilshalldeterminetospendthemoneyinthefundforconstructionofCivicCenterfacilitiesoranypartthereof.Any money in this fund shall notbeexpendedforanyotherpurposeorpurposesthanthosespecifiedwithoutanapprovingvotebyamajorityoftheelectorsoftheCityatageneralorspecialelectionvotingonaproposalsubmittedtotheelectorstoallowotherspecified
i uses to be made of such fund.
PASSED by the City Council of the City of Moses Lake and APPROVED by its Mayor this9thdayofNovember,1976.
n Joh on,Mayor Pro Tem
ATTEST:
Jean 3urton,Acting City Clerk
APPROVEDAS TO FORM:
1 Patrick R.Acres,Ci tt&ne