HomeMy WebLinkAboutord1989-126I
PksImpr.Cap
1 INTRODUCED BY: _. Consent
2 PROPOSED BY: County Executive
3 DATE : 12 -7 -89
4 ORDINANCE N0. 89 -126
5 REESTABLISHMENT OF THE
6 PARKS IMPROVEMENT FUND
7 AS A CAPITAL IMPROVEMENTS
8 FUND
9 WHEREAS, The voters approved an extra voted levy for County Parks
10 improvements amounting to $2,500,000 during,ATnx- e��of 1988; and
11 WHEREAS, the Parks Improvements Fund was established as a special
12 revenue fund in the 1989 County budget; and
13 WHEREAS, Ordinance 88 -63 provides policy direction as to which funds
14 will accrue interest to their own benefit and that ordinance
15 specifies that special revenue funds typically do not accrue
16 interest; and
17 WHEREAS, it has now been determined that the County Council wants
18 the fund established as an interest accruing fund;
19 NOW, THEREFORE BE IT ORDAINED, the County Parks Improvement Fund,
20 # 10650, shall be reclassified as a capital improvement fund, and
21 assigned the proper fund account code. The fund, shall as of
22 January 1st, 1990, be eligible for accrual of interest from its
23 excess cash, in conformance with ordinance 88 -63, which specifies
24 that any newly established capital improvements funds may accrue
25 interest earnings from excess cash. The County Parks and Recreation
26 Director shall be the manager of the fund.
27 BE IT FURTHER ORDAINED, the County Parks Improvement Fund, may
28 reserve an amount, to be determined by the County Executive's
29 office, equivalent to what would have been earned during 1989 given
30 the cash flow available at market interest rates. The remainder of
31 the revenues accrued beyond the voter approved $2.5 million shall
32 be transferred to the Current Expense Fund during January of 1990.
33 ADOPTED this 21st day of December 1989.
34 WHATCOM COUNTY COUNCIL
35 ATTEST: WHATCOM COUN WASHINGTON
36
37 RAMONA REEVES ONALD G. SEY
38 CLERK OF THE COUNCIL CHAIRMAN
1
%oto
C
1 APPROVED AS TO FORM:
2
3 Deputy Pros uting Attorney
4
(+l) APPROVED ( ) VETOED
Uil*,m IL
SHIRLEY VAN ANTEN, EXECUTIVE
Date signed:
N