HomeMy WebLinkAbout5657 ORDINANCE NO. $ $ Ii 7
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
AUBURN, WASHINGTON, DESIGNATING EARNED INTEREST
REVENUES IN THE CAPITAL IMPROVEMENT PROJECTS FUND
FOR STREET PRESERVATION PROJECTS AND THE
SUBSEQUENT TRANSFER OF EARNINGS TO THE CITY
STREET FUND.
WHEREAS, City streets are in need of preservation through
reconstruction, repair, replacement, and rehabilitation in areas of deterioration;
and
WHEREAS, the City wishes to designate a funding stream to provide a
long term funding source for street preservation projects on non-classified
streets; and
WHEREAS, the City has a City Street Fund where projects of this nature
may be budgeted and accounted for; and
WHEREAS, the City has a Capital Improvement Projects Fund that from
time to time has accumulating cash balances that earn interest revenue that
may be designated for capital projects;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Interest Earned. To finance activities authorized in
Section 2, all interest earned on cash balances in the Capital Projects Fund will
be transferred to the City Street Fund. Transfers will be budgeted through the
annual budget process, beginning with the 2003 budget, and will be
Ordinance No. 5657
April 29, 2002
Page 1 of 3
subsequently transferred to the City Street Fund upon Council's approval of the
budget.
Section 2. Use of Revenues_. Expenditures shall be made for City
street preservation projects authorized by Council in the annual budget; or the
Transportation Improvement Plan (TIP); or the Capital Facility Plan (CFP).
Section 3. Implementation. The Mayor is hereby authorized to
implement such administrative procedures as may be necessary to carry out
the directions of this legislation.
Section 4. Effective Date. This Ordinance shall take effect and be in
force five (5) days from and after its passage, approval, and publication, as
provided by law.
Introduced: Nay 6, 2002
Passed: Na:~, 6, 2002
Approved: Na~" 6, 2002
PETER B LEWIS
MAYOR
Ordinance No. 5657
April 29, 2002
Page 2 of 3
ATTEST:
'Da'Nelle Daskam
City Clerk
APPROVED AS TO FORM:
~)~n~el B-. He~, v ~
City Attorney
PUBLISHED:
Ordinance No. 5657
April 29, 2002
Page 3 of 3
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