ORD 91-47 FUND TO SEGREGATE REAL ESTATE EXCISE TAXORDINANCE No. 91 — Al ,
AN ORDINANCE OF THE CITY OF BAINBRIDGE ISLAND
ESTABLISHING A FUND TO SEGREGATE THE ACCOUNTING FOR
REAL ESTATE EXCISE TAX COLLECTIONS.
WHEREAS, Washington State law (RCW 82.46.035) requires that the
taxes collected from city and county excise taxes on real estate sales be
used "solely for financing capital projects specified in a capital
facilities plan..."; and
WHEREAS, accounting for the tax revenues generated by this tax
can best be accounted for in a segregated fund, now , therefore,
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON,
DO ORDAIN AS FOLLOWS :
SECTION 1. There shall be established a Real Estate Excise Tax Fund to
receive all revenue from real estate excise tax collections and to provide
segregated accounting and control for expenditure of monies as directed by
Washington State law, and as contained in the City's capital facilities plan
element in the City's comprehensive plan.
SECTION 2. All resources and uses of funds now present in the Current
Expense Fund, Street Fund and Utility Fund and which are consistent with the
intent of RCW 82.46.035 and the City's capital facilities plan element
adopted by the City Council on June 6, 1991, shall be transferred into the
Real Estate Excise Tax Fund.
SECTION 3. The City's Finance Director is hereby authorized and
directed to make the necessary and appropriate changes to the 1991
Budget as authorized by this ordinance. A copy of this ordinance shall
be transmitted to the Division of Municipal Corporations in the Office
of the State Auditor and to the Association of Washington Cities.
SECTION 4. Any acts made consistent with the authority and prior to
the effective date of this ordinance are ratified and confirmed.
SECTION 5. This ordinance shall take effect and be in force five days
from and after its passage, approval, publication and posting as
required by law.
PASSED by the City Council this 30 th day of December, 1991.
APPROVED by the Mayor this 30th day of December, 1991.
;SAMaGA-ANATO,
Mayor
ATTEST/AUTHENTICATE:
�e'�
RALPH W. EELLS, Finance Dir
APPROVED AS TO FORM:
ROD P. KASEGUMA, City Attorney
FILED WITH THE CITY CLERK Decerter 26, 1991
PASSED BY THE CITY COUNCIL Decerber 30, 1991
PUBLISHED : January 8, 1992
POSTED : January 8, 1992
EFFECTIVE DATE : January 13, 1992
ORDINANCE 91 - 47
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