HomeMy WebLinkAbout5021
ORDINANCE NO.
50;;"\
AN ORDINANCE of the City Council of the City of
Bremerton, Washington, amending Chapter 3.36 of the
Bremerton Municipal Code entitled "Contingency Reserve
Fund" relating to increasing the minimum reserve fund
balance required to $1,000,000.
WHEREAS, the City Council desires to amend chapters of the Bremerton
Municipal Code relating to the established Contingency Reserve Fund in order to update
the minimum fund balance required as deemed necessary to adequately provide for
unforeseen and unfunded emergency requirements; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON,
WASHINGTON, DOES HEREBY ORDAIN AS FOLLOWS:
SECTION 1. Chapter 3.36 of the Bremerton Municipal Code entitled
"Contingency Reserve Fund" is hereby amended to read as follows:
CONTINGENCY RESERVE FUND
3.36.01 0 ESTABLISHED.
There is established a special revenue fund to be called the "Contingency Reserve
Fund". The fund is established to protect the City's General Fund in the event of
unforseen and unfunded emergency requirements.
3.36.020 AMOUNT AND SOURCE.
The minimum Contingency Reserve Fund balance shall be established in the
amount of$~OO;Q00-0001,.oQ.o,.oQ.Q..J)Q. If at any time the cash balance of the fund is less
than $500,000.001.O.oQ,.o.oO.00, 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.
3.36.030 ADMINISTRATION AND EXPENDITURE.
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.
3.36.040 EXCEPTION.
Should the cash balance of the Contingency Reserve Fund at any time exceed
$650,000.001.000.000.00, the excess cash may be used for capital purchases upon City
Council approval by simple majority vote.
SECTION 2. Severabilitv. If anyone or more sections, subsections, or
sentences of this ordinance are held to be unconstitutional or invalid, such decision shall
not affect the validity of the remaining portion of this ordinance and the same shall
remain in full force and effect.
SECTION 3. Effective Date. This ordinance shall take effect and be in
force ten (10) days from and after its passage, approval and publication as provided by
law.
PASSED by the City Council the 1M/. J
-
day of q-<J 1-"' ~ -d..:b
,2007
Approved this /~ day of
ATTEST: APPROVED AS TO FORM:
~~J
PAULA JOHNSTON, ~ity~
PUBLISHED the rl.D:J;/u day of
EFFECTIVE the l3o~.A) day of
ORDINANCE NO. .6n01 /
~~~
,2007
,2007
R: \Legal\Legal\Ordinances\Finance\ContingencyReserve.doc
AFFIDAVIT OF PUBLICATION
Account # 42742 / Ad # 209978
ST ATE OF WASHINGTON
COUNTY OF KITSAP
I, Christy Moffitt, being first duly sworn on oath, deposes and says: That she is now, and at all times
embraced in the publication herein mentioned was the principal clerk of the printers and publishers of
KITSAP SUN; that said newspaper has been approved as a legal newspaper by order of the Superior Court
of the County of Kitsap, in which County it is published and is now and has been for more than six months
prior to the date of the publication hereinafter referred to, published in the English language continually as
a daily newspaper in Bremerton, Kitsap County, Washington, a weekly newspaper in Kitsap County,
Washington and is now and during all of said time, was printed in an office maintained in the aforesaid
place of publication of said newspaper; that the following is a true text of a legal advertisement as it was
published in regular issues (and not in supplement form) of said newspaper on the following date, to wit:
August 20, 2007 and that such newspaper was regularly distributed to its subscribers during all of said
period. That the full amount of the fee charged for the foregoing publication is the sum of $32.56 which
amount has not been paid in full.
~t. r ~0:t
(Signature of PrinCIpal Clerk)
Sub"ribed ,ud ,worn to befo,e me tW, day of Augn":2 .
/" ~
Notary Public in and for the State of Washington, Kitsap County.
/~
7'
ORDINANCE NO. 5021
AN ORDINANCE of the City Council of the City of Bremerton, Washington, amending Chapter 3.36 of
the Bremerton Municipal Code entitled "Contingency Reserve Fund" relating to increasing the minimum
reserve fund relating to increasing the minimum reserve fund balance required to $1,000.000.
PASSED by the City Council the 15th day of August, 2007
Th~ full text of this ordinance is available from the City Clerk's Office, 345 Sixth Street, Suite 600,
Bremerton, W A 98337
August 20, 2007.......................AD #20048199