Ord 91-122
ORDINANCE NO. 91-122
AN ORDINANCE OF THE CITY OF FEDERAL WAY, WASHINGTON,
ADOPTING A PORTION OF THE REVISED 1991 BUDGET.
WHEREAS, certain adjustments to the 1991 budget are necessary
to authorize expenditures related to grant revenues received and
related to the prefunding of debt from the second 1/4% real estate
excise tax proceeds received; and
WHEREAS, a State of Washington Department of Ecology Grant has
been received to
identify
and conduct preliminary design
and
engineering of a pedestrian/bicycle trail along the Bonneville
Power Administration right-of-way in Federal Way and so authorized
by contract dated March 12, 1991 between the city of Federal Way
and the State Department of Ecology; and
WHEREAS, said grant authorized cost reimbursement based on 75%
of total project costs, with such total project costs not to exceed
$40,000; and
WHEREAS,
the city imposed an additional 1/4% real estate
excise tax on each sale of property in the corporate limits, per
Ordinance No.9l-8l passed by the city council on January 8, 1991;
and
WHEREAS,
the city has established the conservative fiscal
COpy
policy to pre fund its general obligation bond debt service, and has
identified such funding for the 1991 G.O. Bond Issue in the amount
of $658,800; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON, DOES HEREBY ORDAIN AS FOLLOWS:
section 1. Adoption of Portion of Revised 1991 Budqet.
The following portion of the revised budget for the year 1991 is
hereby adopted and amended in the amounts and for the following
purposes:
Fund Description
1991 Amended
Increase
New Budget
Budget
Grants - Miscellaneous
Government Fund
$ 117,500
$
40,000
$ 157,500
2nd 1/4% Real Estate
Excise Tax Fund
$
0
$ 658,800
$ 658,800
section 2 - Ratification.
Any act consistent with the
authority and prior to the effective date of this ordinance is
hereby ratified and affirmed.
section
3
Severability.
The
provisions
of
this
ordinance are declared separate and severable.
The invalidity of
any clause, sentence, paragraph, subdivision, section, or portion
of this ordinance or the invalidity of the application thereof to
any person or circumstance, shall not affect the validity of the
remainder of the ordinance, or the validity of its application to
other persons or circumstances.
Section 4 - Effective Date.
This ordinance shall be
effective
five
(5)
days
after passage
and publication
of
an
approved summary of this ordinance.
this
LPASSED by the city council of the city of Federal Way
~ day of (;VA'A'~X"...uL991.
, !i1~Jt~ ~Ljf!-
Mayor, Debra Erte
, CMC
w
CI
FILED WITH THE CITY CLERK: 12/17/91
PASSED BY THE CITY COUNCIL: 12/17/91
PUBLISHED: 12/20/91
EFFECTIVE DATE: 12/25/91
ORDINANCE NO. 91-122