ORD 68-03 CUMLATIVE RESERVE FUNDG~DIi~NCE NO. 68 - 3
AN ORDINANCE ESTABLISHIh~ A CURRENT EXPENSE CUMUIATIVE
RESERVE FUND FCR TH~ PURPOSE OF ACQUIRING VEHICIES, MACHINERY AND EQUIPMENT
AND PROVIDING F~R THE EXPENDITb~E THEREOF.
HE IT ORDAINED by the Town Council of the Town of Winslow,
Washington, as follows:
SECTION 1: There is hereby created a cumulative reserve fund
for the purpose of purchasing vehicles, machinery and equipment for ~1l
departments operating under the Current Expense Fund.
SECTION 2: There shall be placed into said cumulative fund such
funds as the Town Council may from time to time budget or allocate from
legally available funds.
SECTION 3: The Moneys in said fund may be allowed to accumulate
from year to year until the Town Council shall determine to expend the
moneys in the fund for the purpose stipulated in Section I above.
SECTION 4: Any moneys in said fund shall not be expended for
any other purpose than that specified, without an approving vote by the
majority of the electors of the Town.
PASc~T~ by the Town Council of the Town of Winslow, Washington,
and approved by its Mayor this 15th day of January, 1968.
ATTEST:
Clerk