CC RESOLUTION 246411380
RESOLUTION NO. 2464
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF EL SEGUNDO, CALIFORNIA, ESTABLISH-
ING A TRUST FUND IN THE CITY TREASURY IN
WHICH ALL PAYMENTS RECEIVED BY THE CITY
PURSUANT TO THE "STATE AND LOCAL FISCAL
ASSISTANCE ACT OF 1972" SHALL BE DEPOSITED.
THE CITY COUNCIL OF THE CITY OF EL SEGUNDO,
CALIFORNIA, DOES RESOLVE AS FOLLOWS:
SECTION 1. There is hereby established in the City Treasury
a trust fund which shall be identified as the Federal Revenue Sharing Trust
Account. All payments received by the City pursuant to the "State and Local
Fiscal Assistance Act of 1972" shall be deposited in the Federal Revenue
Sharing Trust Account.
SECTION 2. Any interest earned on the amounts on deposit
in the Federal Revenue Sharing Trust Account shall be deposited in that
account.
SECTION 3. Funds in the Federal Revenue Sharing Trust
Account shall be used only for priority expenditures as defined in Section
103 (a) of the State and Local Fiscal Assistance Act of 1972. The Director
of Finance shall pay over to the Secretary of the Treasury of the United States
(for deposit in the general fund of the Treasury) an amount equal to 110 percent
of any amount expended out of such trust fund in violation of the provisions of
this section unless such amount is promptly repaid to such trust fund or such
violation is otherwise corrected after notice and opportunity for corrective
action.
SECTION 4. Expenditures from the Federal Revenue Sharing
Trust Account shall be audited and paid out upon warrants drawn against
the fund in accordance with and subject to the laws, ordinances and procedures
applicable to the expenditure of all other funds of the City.
SECTION 5. In connection with the receipt of funds and their
disbursement from the Federal Revenue Sharing Trust Account, the City
Treasurer and the Director of Finance are directed to use fiscal, accounting,
and audit procedures which conform to guidelines established by the United
States Secretary of the Treasury.
SECTION 6. The City Clerk shall certify to the passage and
adoption of this resolution; shall enter the same in the book of original reso-
lutions of said City; and shall make a minute of the passage and adoption
thereof in the records of the proceedings of the City Council of said City in
the minutes of the meeting at which the same is passed and adopted.
PASSED, APPROVED and ADOPTED this 27th day of Novem-
ber 1972.
ATTEST:
ClerAt
(SEAL)
L11 :
Mayor Pro Tempore of t eCity El Segundo.,
California.
-2-
STATE OF CALIFORNIA, )
COUNTY OF LOS ANGELES, ) SS
CITY OF EL SEGUNDO. )
I, JANE D. HOUGH, , City Clerk of the
City of E1 Segundo, California, DO HEREBY CERTIFY that the
whole number of members of the City Council of the said City
is five; that the foregoing Resolution, being Resolution No. 2464
was duly passed and adopted by the said City Council, approved
and signed by the Mayor of said City, and attested by the City
Clerk of said City, all at a regular meeting of the said Council
held on the 27th day of November , 1972
and that the same was so passed and adopted by the following vote:
AYES: Councilmen McGill, Morgan, Stephens and
Mayor pro tem Naael
NOES: Councilmen None
ABSENT: Mayor Balmer.
WITNESS my hand and the official seal of said City
this 1 st day of December , 197 2
1 y erk of e City 5F El Seg-u–n3o-
California
(SEAL)