HomeMy WebLinkAbout3224 AN ORDINANCE terminating the Water & Sewer Cohstruction
Fund, 1967, and transferring the balance of said fund
to the 1971 Water Sewer Revenue Bond Reserve Fund.
WHEREAS, the Water and Sewer Construction Fund, 1967, was created by
Section 3 of Ordinance 2744 as a repository for the proceeds of the sale of
the 1971 Water and Sewer Revenue Bonds, and
WHEREAS, the aforesaid construction fund was also designated by Section
7 of Ordinance 3092 as the repository for the proceeds of the sale of the
1973 Water and Sewer Revenue Bonds, and
WHEREAS, Ordinance 2744 provided that said construction fund should stay
in existence for as long as deemed necessary by the City Council in order to
provide interim financing for improvements to be made to the combined Water
and Sewer System of the City, and
WHEREAS, the Cumulative Reserve Funds for Water and Sewer System Improve-
merits now provide the means for financing improvements to the Water System
and Sewer System of the City including the standby generator authorized for
Sewer Pump Station No. 13 in Ordinance 3092; Now therefore
THE CITY OF BREMERTON DOES ORDAIN:
Section 1. The Water and Sewer Construction Fund, 1967, created by
Ordinance 2744, having served its purpose, is terminated. The balance in
said fund shall be transferred to the 1971 Water Sewer Revenue Bond Reserve
Fund created incident to the enactment of Ordinance 2982.
APPROVED by the City Council on first reading this -~- day
PASSED by the City Council of the City of Bremerton, signed by the Mayor.,~
and attested by the City Clerk in authentication of such passage this
day of ~ .,
1975.
ATTEST:
~. C. YEAI~, Sr., City Clerk