Ordinance 1929-93 - Laserfiche WebLink

EVERETT 0 ORDINANCE NO. /9a9= AN ORDINANCE creating the "Public Safety Reserve" Fund No.161 as a reserve fund for the accumulation of Public Safety funds. WHEREAS, the Everett City Council has recognized the need to provide for contingency funds for the City of Everett; and WHEREAS, uncertain economic conditions can result in diminished revenue collections while unforeseen events can create new requirements for expenditures; and WHEREAS, prudent financial management dictates that contingency reserve funds be made an integral part of a basic financial plan; and WHEREAS, the Mayor and Council jointly agreed to set aside funds for Public Safety, which have subsequently been designated for an 800 MHz Radio system; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: There is hereby created a new fund entitled "Public Safety Reserve", Fund 161 (the "Fund") to accomplish the actions authorized in the subsequent sections of the ordinance. 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. Contributions for 1992 and 1993 have been set forth in this ordinance. 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: A contribution of$500,000 shall be made to the Fund in each of the years 1992 and 1993, to provide for the future acquisition and installation of a City-wide radio communications network and transmission system. Appropriation from the Fund for such purpose and in such amount shall require final approval from the City Council, upon presentation of the final acquisition plan, prior to purchase.