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f <br /> �. E!/ERETT <br /> ORDINANCE NO. 2090-95 <br /> AN ORDINANCE OF THE CITY OF EVERETT WASHINGTON <br /> TRANSFERRING MONEY FROM THE LID GUARANTY FUND TO <br /> THE GENERAL FUND AND CREATING FUND 162. <br /> WHEREAS, the City of Everett(the "City") maintains a local improvement district <br /> guaranty fund pursuant to RCW 35.54.010; and <br /> WHEREAS, the City Finance Director has certified that the guaranty fund has <br /> sufficient funds currently on hand to meet all valid outstanding obligations of the fund and <br /> all other obligations of the fund reasonably expected to be incurred in the near future; and <br /> WHEREAS, the Tax Reform Act of 1986 requires that the investment of certain <br /> money in the guaranty fund be restricted if the City maintains an amount in such fund in <br /> excess of 10% of the amount of the outstanding obligations secured by such fund; and <br /> WHEREAS, RCW 35.54.095 specifically authorizes such excess to be transferred <br /> from the guaranty fund to the general fund; and <br /> WHEREAS, should an amount in excess of 10% of the outstanding obligations <br /> secured by the fund exist it would be appropriate to identify said excess as available for <br /> capital improvement purposes; <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT <br /> WASHINGTON, DOES ORDAIN AS FOLLOWS: <br /> Section 1: The City Finance Director is hereby authorized and directed to transfer <br /> to the general fund the amount in the guaranty fund that exceeds 10% of the amount of <br /> the outstanding obligations secured by such fund. By December 31st bf each year, the <br /> Finance Director shall transfer to the general fund the amount in the guaranty fund that <br /> exceeds 10% of the amount of the outstanding obligations secured by such fund. <br /> Section 2: Capital Improvement Reserve fund 162 is hereby created. Any transfer <br /> by the Finance Director in accordance with Section 1 of this ordinance during fiscal year <br /> 1995 shall be to fund 162 to be held in reserve for capital improvements as further defined <br /> and authorized by the Everett City Council. <br /> PASSED BY THE CITY COUNCIL and appr•ved by its Mayor at a regular meeting <br /> of the Council this 13th of September /95. <br /> Im <br /> "-ATTEST - dei ENTICATED: <br /> 1.dice_ i� 1111 -/ ✓_ <br /> City Clerk <br /> Valid: 09/15/95 <br /> Published: 09/22/95 <br /> Effective: 10/01/95 <br />