A cumulative reserve fund is created, pursuant to RCW 35.21.070, to be used for the purchase of equipment for the various departments of the city included in the general funds department but not the utility department, as shall be determined by the majority vote of the commissioners of the city. All funds budgeted or levied for such fund shall be placed in said fund and shall be used for the purposes set forth in this section and for no other purposes, except as provided by law. (Prior code § 1.76.020.)