866_00001ORDINANCE NO.866
AN ORDINANCE ESTABLISHING A CUMULATIVE RESERVE FUND FOR THE PURPOSEOFPROVIDINGUNEMPLOYMENTCOMPENSATIONINSURANCEBENEFITS
THE CITY COUNCIL OF THE CITY OF MOSES LAKE,WASHINGTON,DO ORDAIN AS FOLLOWS:
Section 1.A cumulative reserve fund is hereby established for the purpose of IreservingfundsforfutureliabilitiesunderfederalandstatemandatedprogramiforeligibleemployeesinvoluntarilyterminatedonandafterJanuary1,1978.
Section 2.Funds shall be transferred into the Cumulative Reserve Fund from eachoperatingfundasapercentageofpayrollasprovidedintheCityofMosesLake1978Budget.
Section 3.All interest earned shall remain in the Comulative Reserve Fund.
Section 4.The money in this fund shall be allowed to accumulate from year toyear.Any money in this fund shall not be expended for any other purpose orpurposesthanthosespecifiedwithoutanapprovingvotebyamajorityoftheelectorsoftheCityatageneralorspecialelectionvotingonaproposalsubmittedtotheelectorstoallowotherspecifiedusestobemadeofsuchfund.
Section 5.This ordinance shall take effect and be in force on January 1,1978.
PASSED by the City Council of the city of Moses Lake,Washington,and APPROVEDbyitsMayorthis20th,day of December 1977.
*Mayor
ATTEST:
City Clerk
APPRO
City'Attorney
I