ORD 2611 r�t
ORDINANCE NO . ..
AN ORDINANCE creating the Community Center Capital
Proj ect Fund , defining the purposes for which monies deposited in
the fund may be expended , and establishing guidelines for the
investment and management of monies in the fund .
WHEREAS , the Friends of the Camas Community Center is a nonprofit organization formed
the purpose of promoting the Camas Community Center and raising funds for the support of the
Camas Community Center, and
WHEREAS , the Friends of the Camas Community Center has been the recipient of
testamentary bequest and charitable donations to further its objectives , and
WHEREAS , the Friends of the Camas Community Center desires to transfer funds in its
custody to the City of Camas subject to certain limitations ,
NOW , THEREFORE , THE COUNCIL OF THE CITY OF CAMAS DO ORDAIN AS
FOLLOWS :
Section I
There is hereby created the Community Center Capital Proj ect Fund . All funds received
from the Friends of the Camas Community Center and any donations made to the City designated
for the construction of a new Community Center shall be deposited in such fund .
Section II
Funds within the Community Center Capital Project Fund may be expended for
construction costs for a new community center, acquisition of land for a new community center,
and construction of additions and extraordinary repairs to the existing Community Center .
" Construction costs " shall mean costs for materials , labor, and equipment , and shall not include
design, architecture , engineering , environmental , or other preliminary expenses . " Extraordinary
Ordinance No . � Page - 2
repairs " shall mean repair expenses that qualify as capital expenditures under the Internal
Revenue Code . Funds in the Community Center Capital Proj ect Fund may not be expended for
ordinary maintenance , repairs , and operating expenses of the existing Community Center .
Section III
Funds within the Community Center Capital Project Fund shall be expended within 15
years of receipt by the City . If there are no eligible expenditures under Section II , then such
funds shall be expended for park and recreation capital prof ects .
Section IV
Expenditures from the Community Center Capital Proj ect Fund shall not be made unless
such expenditures receive an equal matching contribution from another source . Others sources
of funds may include , but are not limited to grants , loans , parks and open space impact fees , real
estate excise tax , accumulated interest earnings , contributions from the City' s general or other
funds , and private donations .
Section V
All monies in the Community Center Capital Project Fund shall be invested in
accordance with standard City investment policies and practices . The City shall have the
authority to borrow against funds in the Community Center Capital Proj ect Fund . Any such loan
shall bear interest at current market rate , and shall be for a term of one year or less .
Section VI
This ordinance shall take force and be in effect five ( 5 ) days from and after its publication
according to law .
Ordinance No . Page Page 3
PASSED by the Council and APPROVED by the Mayor this day of December, 2010 .
SIGNED : Iwoo
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Mayor
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ATTEST : Alll� 7 (
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Clerk
APPROVED as to fo •
1
City Attorney