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ORDINANCE NO. IS 3 4 0 <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUBURN, KING <br />COUNTY, WASHINGTON, DEFINING THE INTENT OF THE CUMULATIVE <br />RESERVE FUND. <br /> <br />WHEREAS, Ordinance No. 4680, approved June 6, 1994, established a <br />separate fund to be known as the Cumulative Reserve Fund; and <br /> <br /> WHEREAS, the Ordinance is required to-state the purpose for which <br />fund is to be accumulated and expended in accordance with RCW 35.21.070; <br />and <br /> <br /> WHEREAS, the purpose of the Cumulative Reserve Fund is to be used <br />for specified supplies, material or equipment, or the construction, alteration or <br />repair of any public building or work, or the making of any public improvement <br />or as a revenue stabilization fund for future operations. <br /> <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, <br />WASHINGTON, DO ORDAIN AS FOLLOWS: <br /> <br /> Section I. Purpose. The Cumulative Reserve Fund shall be used for <br />the following purposes: specified supplies, material or equipment, or the <br />construction, alteration or repair of any public building or work, or the making of <br />any public improvement or as a revenue stabilization fund for future operations. <br /> <br /> Section 2. Constitutionality or Invalidity. If any section, subsection, <br /> clause or phrase of this Ordinance is for any reason held to be invalid or <br /> <br /> Ordinance No. 5340 <br /> January 18, 2000 <br /> Page No. 1 <br /> <br /> <br />