HomeMy WebLinkAbout3157 ORDINANCE NO. 3/~'~
AN ORDINANCE establishing a cumulative
reserve fund for sewer system improvements,
specifying the purposes for which monies
from said fund may be expended, and
providing sources of cash for the fund.
THE CITY OF BREMERTON DOES ORDAIN:
SECTION 1. The City Treasurer is hereby authorized and
directed to establish a cumulative reserve fund for sewer
system improvements as of January 1, 1975.
SECTION 2. Ail cash receipts by the City for sewer
construction and sewer connection charges, from State and
Federal reimbursements for sewer construction projects,
and such allocations of current sewer operating revenues
as may be directed by the City Council shall be transferred
into a reserve fund to be known as the Cumulative Reserve
Fund for Sewer System Improvements. Monies coming into
this fund may be invested in accordance with the statutes
of the State of Washington and ordinances of the City of
Bremerton. Interest from short term investments of this
cumulative reserve fund shall accrue to this same fund and
no other.
SECTION 3. Monies may be expended from the Cumulative
Reserve Fund for Sewer System Improvements under the direction
and with the approval of the City Council of the City of
Bremerton for general improvements and betterments to the
City sewer system including the construction of new lift
stations, additions and improvements to the existing
plants and such other improvements as may be authorized
by the City Council.
APPROVED by the City Council on the first reading this
~d~/-'~day of August, 1974.
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PASSED by the City Council of the City of Bremerton,
signed by the Mayor and attested by the, C~ty Clerk in
authentication of such passage this ~ay of September,
1974.
ATTEST:
~ity Clerk
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