ORDINANCE NO. 782

AN ORDINANCE OF THE CITY OF PALOUSE, WASHINGTON, adding a new chapter to the Palouse Municipal Code for the creation of a Water System Reserve Fund.

BE IT HEREBY ORDAINED by the City Council of the City of Palouse, Washington, as follows:

Section 1. There is hereby added to the Palouse Municipal Code Chapter 3.22,

“Water System Reserve Fund.”

Section 2. There is hereby adopted as Palouse Municipal Code §3.22.010 the following:

“3.22.010 – Water Reserve Fund Established. There is hereby established a Water System Reserve Fund. The primary purpose of the fund shall be to provide a means by which a separate accounting may be made for the receipt and expenditure of monies received from that portion of water system revenues allocated to a reserve for water system improvements.”

Section 3. There is hereby adopted as Palouse Municipal Code §3.22.020 the following:

“3.22.020 Allocation and Transfer. All monies received from water system revenues allocated for reserves to finance water system improvements shall be deposited into the fund. Such monies shall then be transferred and deposited from time-to-time into such accounts or funds as may be designated by the City Council for use in the construction of water system improvements, or for the payment of any debt incurred to finance such improvements.”

Section 4. This Ordinance shall be in full force and effective five days after it or a summary thereof is published in the official newspaper of the City of Palouse:

PASSED by the City Council of the City of Palouse at its regular meeting on October 22, 2002.

APPROVED:______________________
Michael Echanove, Mayor

ATTEST:________________________

Sue Daniel, City Clerk

Approved as to form:

_________________________

Stephen Bishop, City Attorney

Passed:

Published:

Effective date:

Ordinance No. 782