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Title 07
Chapter 07.08
Section 07.08.200
 

Title 07 Finance

Chapter 07.08 Funds

Article III. Debt Service Funds

Section 07.08.200 Facilities Bond Redemption and Construction Funds

  1. There are established two funds to be designated the “facilities bond redemption fund” and “facilities construction fund” into which are deposited revenues from the transient accommodations excise tax levied by Ordinance C24847, passed April 16, 1979, as amended (chapter 8.08 SMC).
     
  2. Sufficient revenues from said excise tax shall be deposited into the facilities bond redemption fund to pay or secure the payment of all or any portion of several obligation or revenue bonds issued or as may be issued for the purposes specified in chapter 67.28 RCW, and to provide an additional reserve equal to approximately one year of debt service on such bonds.
     
  3. Further, revenues from said tax shall be deposited in the general fund for purposes relating to advertising, publicizing, or otherwise distributing information to attract visitors or encourage tourism, according to amounts appropriated by the city council.
     
  4. Additionally, revenues from said tax shall be deposited in the general fund for other purposes permitted by law, according to amounts appropriated by the city council.
     
  5. Any remaining revenues from said tax shall be deposited in the facilities construction fund to pay all or part of the costs of acquisition or construction and are subject to further budgetary appropriation by the city council.

Date Passed: Monday, May 7, 2007

Effective Date: Wednesday, June 20, 2007

Recodification ORD C34024 Section 1