Drafter
Clerk 07/25/2002
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AN ORDINANCE creating the cultural resources endowment fund for the purpose of receiving and holding a portion of hotel/motel tax revenues collected in King County and making technical corrections; amending Ordinance 12076, Section 9, as amended, and K.C.C. 4.08.015 and adding a new section to K.C.C. chapter 4.08.
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PREAMBLE:
The office of cultural resources is partially supported by a portion of the county's hotel/motel tax revenues. The formula for apportioning these revenues is given in K.C.C. chapter 4.42.
K.C.C. 4.08.190 E, provides, "at least forty percent of the revenue distributed pursuant to this section for the period January 1, 2001, through December 31, 2012, shall be deposited in an account and shall be used to establish an endowment. Principal in the account shall remain permanent and irreducible. The remaining revenues, along with earnings from investment of balances in the account, may only be used for the purposes stated in KCC chapter 4.42." The purpose of this endowment fund will be to support the county's cultural programming beginning in 2013, through the interest earned on the fund, at which time hotel/motel tax revenues will no longer be available to the county for cultural program purposes, as specified in K.C.C. chapter 4.42.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12076, Section 9, as amended, and K.C.C. 4.08.015 are each hereby amended to read as follows:
First tier funds and designated fund managers.
A. First tier funds and fund managers are as follows:
Fund No.
Fund Title
Fund Manager
103
County Road
Dept. of Transportation
104
Solid Waste Landfill Post Closure Maintenance
Dept. of Natural Resources and Parks
109
Recorder's O & M
Dept. of Executive Services
111
Enhanced-911 Emergency Tel System
Dept. of Executive Services
112
Mental Health
Dept. of Community & Human Services
115
Road Improvement Guaranty
Dept. of Transportation
119
Emergency Medic...

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