CC RESOLUTION 29790 RESOLUTION NO. 2979
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA, ESTABLISHING A
CAPITAL EXPENDITURE RESERVE FUND.
THE CITY COUNCIL OF THE CITY OF EL SEGUNDO, CALIFORNIA,
DOES RESOLVE AS FOLLOWS:
SECTION 1. There is 'hereby established a CAPITAL EXPEN-
• DITURE RESERVE FUND which shall be referred to as the CAPITAL
EXPENDITURE FUND.
SECTION 2. The Director of Finance is directed to
establish the Fund referred to in Section 1 hereof.
SECTION 3. The City Council may approve what consti-
tutes a capital expediture from time to time.
SECTION 4. The City Council shall at the time of the
adoption of the annual budget and at other times the Council
considers appropriate order transferred to the Fund referred
to in Section 1 hereof such amounts as the City Council considers
appropriate.
SECTION 5. Expenditures may be made from said Fund
for capital expenditures as approved by the City Council. Each
expenditure shall be made first from proceeds of taxes until
such proceeds have been exhausted and then from other moneys.
SECTION 6. Interest on proceeds of taxes shall be
credited to the General Fund and interest on other moneys shall
be credited to the Capital Expenditure Reserve Fund.
SECTION 8. Moneys in the Capital Expenditure Reserve
•
SECTION 7.
Funds in the Capital Expenditure Reserve
Fund may be loaned by
the
Director of
Finance with the approval
of the City Manager to
any
other fund
provided provisions are
made for the repayment
by
that other
fund to the Capital Expen-
diture Reserve Fund within
the fiscal
year that such advance
is made.
SECTION 8. Moneys in the Capital Expenditure Reserve
•
• Fund may be transferred to the Self-insurance Liability Reserve
Fund and the Workers' Compensation Self-Insurance Reserve Fund
by a resolution adopted by a unanimous vote of the City Council.
SECTION 9. The City Clerk shall certify to the passage
and adoption of this resolution; shall enter the same in the
book of original resolutions of said city; and shall make a
0 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.
ATTEST:
(SEAL)
0
PASSED, APPROVED and ADOPTED this 4th day of
March _, 1980.
City Clerk
Mayor of the City of El Segundo,
California
0 -2-
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
CITY OF EL SEGUNDO )
SS
I, VALERIE A. BURROWES City Clerk of the
City of El 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. 2979
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 4th day of MARCH 19 so
and that the same was so passed and adopted by the following vote:
AYES: Councilmen Benson, Bue, Nagel,
>Van Vranken and Mayor Balmer
NOES: Councilmen None
ABSENT: Councilmen None
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID
CITY this 14th day of MARCH 19 80.
City Clerk of the City of El Segundo,
California
(SEAL)