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ORDINANCE NO. 4 3 9 4
AN ORDINANCE OF THE CITY OF AUBURN, WASHINGTON, ESTABLISHING
A "CUMULATIVE RESERVE FUND" IN THE CITY OF AUBURN BUDGET AND
AMENDING ORDINANCE NO. 4316 WHICH ADOPTED THE 1989 BUDGET
FOR THE CITY OF AUBURN, TO INCORPORATE THE "CUMULATIVE
RESERVE FUND" INTO THE 1989 BUDGET.
WHEREAS, the City Council has the authority to
establish a "Cumulative Reserve Fund" by ordinance; and
WHEREAS, the ordinance must establish a purpose for
which the fund is to be accumulated and expended; and
WHEREAS, the 1989 Budget should be amended to reference
a "Cumulative Reserve Fund" when it is established.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. PURPOSE. The purpose of this ordinance is
to establish a "Cumulative Reserve Fund" in the City of
Auburn budget. An additional purpose of this ordinance is
to amend Ordinance No. 4316 which established a 1989 budget
for the City of Auburn to include the established Cumulative
Reserve Fund which will replace the fund designated General
Obligation Bond Fund Contingency.
Section 2. ESTABLISHMENT OF CUMULATIVE RESERVE FUND.
Pursuant to the authority in RCW 35.21.070, the City Council
of the City of Auburn hereby establishes a Cumulative
Reserve Fund which is created for the purpose of revenue
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Ordinance No. 4394
December 13, 1989
Page 1
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stabilization for future operations. The fund shall be
designated as "Cumulative Reserve Fund for Revenue
Stabilization". The monies from the fund may be allowed to
accumulate from year to year until the City Council of the
City of Auburn determines to expend the monies in the fund
for the purpose of revenue stabilization, PROVIDED THAT any
monies in the fund shall never be expended for any other
purpose or purposes other than for the purpose of revenue
stabilization, without an approving vote by two-thirds
majority of the members of the City Council.
Section 2. AMENDMENT. Ordinance No. 4316 which
adopted the 1989 budget for the City of Auburn, is hereby
amended to delete the designation under Fund No. 122
entitled "General Obligation Fund Contingency" which is
contained in the category entitled "Special Revenue Fund".
That fund No. 122 is hereby replaced by newly established
fund No. 122 entitled "Cumulative Reserve Fund for Revenue
Stabilization". The amount designated in Fund 122 in the
amount of 1.1 Million Dollars shall remain the same under
both revenue estimates and expenditures appropriations
columns. The remaining provisions and designations of the
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Ordinance No. 4394
December 13, 1989
Page 2
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1989 budget contained in Ordinance No. 4316 shall remain in
full force and effect
Section 3. SEVERABILITY. If any section, clause or
phrase of this ordinance is for any reason held to be
invalid or unconstitutional, such invalidity or
unconstitutionality shall not affect the validity or
constitutionality of the remaining portions of this
ordinance.
Section 4. The Mayor is hereby authorized to implement
such administrative procedures as may be necessary to carry
out the directions of this legislation.
Section 5. This Ordinance shall take effect and be in
force five days from and after its passage, approval and
publication as provided by law.
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Ordinance No. 4394
December 13, 1989
Page 3
INTRODUCED: �a/ /J " ?
PASSED: / �' ,Ci ' 9
APPROVED:
G
M A Y O R
I
2 ATTEST:
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Robin Wohlhueter, City Clerk
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7 APPROVED AS TO FORM:
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Marguerite Schellentrager,
City Attorney
PUBLISHED: /p� O %
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Ordinance No. 4394
December 13, 1989
Page 4
STATE OF WASHINGTON)
) ss.
COUNTY OF KING )
I, Robin Wohlhueter, the duly appointed, qualified City
Clerk of the City of Auburn, a.Municipal Corporation and
Code City,,.situate'in the County ;of King, State of
Washington, do hereby certify that the foregoing is a full,
true and correct copy of Ordinance No. 4394 of the
ordinances of the City of Auburn, entitled "AN ORDINANCE."
I- certify that.said Ordinance No. 4394 was duly passed
by -the Council and approved by the Mayor of the said City of
Auburn,;, on the` the 18TH day of DECEMBER A,:D. , 1989.
I further certify that said Ordinance No. 4394 was
published as�provided,by law in the-Valley"Daily News, a
daily newspaper published in the City of Auburn, and of
general circulation therein, on the 27TH day of DECEMBER,
A.D., 1989.
Witness my hand and the official seal of the City of
Auburn this January 4, 1990, A.D.
Robin Wohlhueter
City Clerk <- _
City of Auburn
25 West Main, Auburn, WA 98001-4998 (206) 931-3000