Ordinance 2340-98 - Laserfiche WebLink

w be and the same is hereby amended to read as follows: Section 1: There is hereby created a new fund entitled"Contingency Reserve",Fund 160 (the "Fund")to accomplish the actions authorized in the subsequent sections of the ordinance. The total fund balance shall comply with the limitation as set forth in RCW 35.33.145. Section 2: The City shall contribute money to the Fund on an annual basis and the size of each annual contribution shall be set forth in each year's respective annual budget.All expenditures from the Fund shall be appropriated only upon approval of the City Council by a majority plus one vote at a regular meeting of the City Council. Section 3: Contributions shall be made to Rainy Day-Program 001 and such amounts shall not be set aside for any specific appropriation but instead shall be used for general contingency purposes. Appropriation from the Fund shall require final approval from the City Council,upon presentation of an expenditure plan. Section 4: The goal of such contributions to the Rainy Day Program 001 shall be to achieve and maintain a reserve level that is equal to 37.5 cents per$1.000 of the assessed value of all property within the corporate limits of the City of Everett as established by the Snohomish County Assessor. Section 5: If any provisions of this ordinance shall be declared unconstitutional or invalid by any court of competent jurisdiction, it shall be conclusively presumed that this ordinance would have been enacted without the provision so held unconstitutional or invalid and the remainder of the ordinance shall not be effected as a result of said part being held unconstitutional or invalid. .w:rd D.Hansen, ayor 41444 ATTE, 4111OF / di .4t 14) Sharon Marks, City Cie, Passed: 10—2 8-9 8 Valid: 11-02-98 Published: 11-06-98 Effective: 11-18-98