§ 35.21.070. Cumulative reserve fund -- Authority to create
Any city or town may establish by ordinance a cumulative reserve fund in general terms for several different municipal purposes as well as for a very specific municipal purpose, including that of buying any specified supplies, material or equipment, or the construction, alteration or repair of any public building or work, or the making of any public improvement, or for creation of a revenue stabilization fund for future operations. The ordinance shall designate the fund as "cumulative reserve fund for . . . . . . . . . (naming purpose or purposes for which fund is to be accumulated and expended)." The moneys in the fund may be allowed to accumulate from year to year until the legislative authority of the city or town shall determine to expend the moneys in the fund for the purpose or purposes specified: PROVIDED, That any moneys in the fund shall never be expended for any other purpose or purposes than those specified, without an approving vote by a two-thirds majority of the members of the legislative authority of the city or town.
[1983 c 173 § 1; 1965 c 7 § 35.21.070. Prior: 1953 c 38 § 1; 1941 c 60 § 1; Rem. Supp. 1941 § 9213-5.]
Sections: Previous 35.21.005 35.21.010 35.21.015 35.21.020 35.21.030 35.21.070 35.21.080 35.21.085 35.21.086 35.21.087 35.21.088 35.21.090 35.21.100 35.21.110 35.21.120 NextLast modified: April 7, 2009