[1]
For statutory authority for towns to establish cumulative reserve funds, see RCW 35.21.070.
Pursuant to the authority contained in RCW 35.21.070, there is established a cumulative reserve fund for revenue stabilization for future operations for the city of Yelm for the purpose of temporary revenue losses due to economic cycles or other time-related causes.
(Ord. 141 § 1, 1972; Ord. 697 § 2, 2000; Ord. 1029 § 1, 2017)
The moneys in the fund may be allowed to accumulate from year to year until the legislative authority of the city determines to expend the moneys in the fund for the purpose specified. The moneys in the fund shall never be expended for any purpose or purposes than those specified, without an approving vote by a two-thirds majority of the members of the legislative authority of the city.
(Ord. 141 § 2, 1972; Ord. 1029 § 1, 2017)