ORD 2006-05 LOCAL IMPROVEMENT GUARANTY FUND
ORDINANCE NO. 2006-05
AN ORDINANCE of the City of Bainbridge Island, Washington,
transferring excess Local Improvement Guaranty
Fund funds to the General Fund.
WHEREAS, RCW 35.54.010 requires that cities are to establish Local
Improvement Guaranty Funds; and
WHEREAS, the City of Bainbridge Island has had a Local Improvement
Guaranty Fund since 1957; and
WHEREAS, RCW 35.54.095 provides that excess funds in the Local
Improvement Guaranty Fund may be transferred to the General Fund provided that the
Director of Finance and Administrative Services has certified that the Local Improvement
Guaranty Fund has sufficient funds currently on hand to meet all valid outstanding
obligations of the fund and all other obligations of the fund reasonably expected to be
incurred in the near filture; and
WHEREAS, the Director of Finance and Administrative Services has provided
the certification required by RCW 35.54.095; and
WHEREAS, the City of Bainbridge Island currently has no outstanding Local
Improvement Obligations of any kind; and
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND,
WASHINGTON, DOES ORDAIN AS FOLLOWS:
Section 1. The Director of Finance and Administrative Services is authorized
and directed by this ordinance to make a transfer of all excess funds in the Local
Improvement Guaranty Fund to the General Fund..
Section 2. This ordinance shall take effect and be in force five days from and
after its passage, approval and publication as required by law.
PASSED by the City Council this 8th day of February, 2006.
APPROVED by the Mayor this 9th day of February, 2006.
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Oarlerle KordonoWy, Mayor
ATTEST/AUTHENTICATE:
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Susan P. Kasper, City Cle
FILED WITH THE CITY CLERK:
PASSED BY THE CITY COUNCIL
PUBLISHED:
EFFECTIVE DATE:
ORDINANCE NO.
January 25,2006
Febmary 8, 2006
February 15, 2006
February 20, 2006
2006-05