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• <br /> ORDINANCE NO. 7_2-7 . <br /> AN ORDINANCE creating a Cumulative <br /> Reserve Fund for initiating and implementing <br /> community development projects; directing <br /> the transfer of the sum of $650,000.00 <br /> 1 and providing for the deposit of additional <br /> funds in Cumulative Reserve Fund. <br /> 2 <br /> 3 WHEREAS, the City of Everett desires to create a Cumulative <br /> 4 Reserve Fund for the purpose of planning, designing, making public <br /> 5 <br /> improvements and providing funding for other matters necessary to implement <br /> 8 <br /> the planning, designing or construction of such improvements for the <br /> 7 <br /> community development of various regional areas of the City of Everett; and <br /> 8 <br /> WHEREAS, the City of Everett has available the sum of $650,000.00 in its <br /> 9 <br /> 10 General Fund which at the present time is not allocatable but has been budgeted <br /> 11 for the aforementioned projects or programs; and <br /> 12 WHEREAS, the City Council desires to transfer said funds from the <br /> 13 General Fund to a Cumulative Reserve Fund for initiating and implementing <br /> 14 <br /> community development projects. <br /> 15 <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN as follows: <br /> 16 <br /> Section 1: <br /> 17 <br /> 18 That a Cumulative Reserve Fund for the initiating and implementing <br /> 19 community development projects is hereby created. <br /> 20 Section 2: <br /> 21 That the sum of $650,000.00 now in the General Fund of the City <br /> 22 of Everett is to be transferred to the Cumulative Reserve Fund created <br /> 23 <br /> for the purposes herein specified. <br /> 24 <br /> Section 3: <br /> 25 <br /> That the City Council shall from time to time be authorized to transfer to the <br /> 26 <br /> 27 Cumulative Reserve Fund created herein such additional funds as shall be <br /> 28 budgeted for said purpose, all to be used as set forth in this ordinance. <br /> 29 <br /> 30 <br /> 31 <br /> 32 <br />