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HomeMy WebLinkAbout4524 AN ORDINANCE establishing a Special Revenue Fund of the City to be called the Contingency Reserve Fund and repealing BMC 3.36 THE CITY OF BREMERTON DOES ORDAIN as follows: Section 1. Established There is hereby established a special revenue fund to be called the "Contingency Reserve Fund". The fund is established to protect the city's General Fund in the event of unforseen and unfunded emergency requirements. Section 2, Amount and Sour~ The minimum Contingency Reserve Fund balance shall be established in the amount of $500,000. If at any time the cash balance of the fund is less than $500,000 a repayment plan shall be established by the Mayor and approved by the City Council to replenish the fund to its minimum level. The proceeds of sale of all general fund real property shall be deposited to the contingency fund. Section 3. Administration and Expenditur9 The Contingency Reserve Fund shall be operated as a special revenue fund administered by the City Treasurer and the Mayor. All monies received by the fund, together with investment earnings thereon, may be expended only in the following manner: (a) Funds shall be expended only in the event of a bonafide emergency, which shall be defined as a significant crisis threatening the financial viability of the city. (b) A unanimous vote of the council shall be required to authorize fund expenditure. Section 4. Exception Should the cash balance of the Contingency Reserve Fund at anytime exceed $650,000, the excess cash may be used for capital purchases upon city council approval by simple majority vote. Section 5. Repeal/New Chapter BMC 3.36 is hereby repealed in its entirety and a new chapter 3.36 Contingency Reserve Fund is hereby established. APPROVED 1995 by the City Council on first readin9 this /~day of PASSED by~th~.~ity Council of the City of Bremerton on this ~-~day of ~~995. APPROVED this ~.~ day of~/.~. 1995 L~~HoRTON, Mayor ATTEST:  k~. MC~~CLU KEY, City Clerk KATHLEEN L EFFECTIVE DATE ~-~1,7-~- - PUP_,LIOATiON DATE ~-,~£- ~-~" - O~DIN~,~ICE NUMBER _ ..~..';'-~'-/ ,..