As required by Section 1 of Chapter 60, Laws of Wash., 1941, all money in the cumulative reserve fund which is unencumbered on December 31, 1969, shall be paid into the general fund to be used only for the purposes which had been specified in Ordinance C-85.* Encumbered moneys shall be applied to existing projects and contracts already authorized. (Ord. M-1137 §2, 1969)