4.117.040 Use of resources.
(1) Moneys in the Snohomish county public works assistance fund, and interest earned on balances from the fund, may only be used:
(a) To make loans to the county and to other local governments to fund public works projects located wholly or partially within the county as provided in chapter 36.135 and this chapter; and
(b) For costs incurred in the administration of the fund.
(2) No more than 50 percent of the moneys loaned from the fund in a calendar year may be loaned to the county. At least 25 percent of the moneys anticipated to be loaned from the fund in a calendar year must be made available for funding public works projects in cities or towns.
(3) No more than one percent of the average annual balance of the fund, including interest earned on balances from the fund, may be used annually for administrative costs.
(4) All loans of fund resources must be approved by the county council. Such approval will be considered by the council in accordance with procedures adopted under SCC 4.117.060. (Added by Ord. 22-032, Sept. 7, 2022, Eff date Sept. 22, 2022).