CC RESOLUTION 2980• RESOLUTION NO. 2980
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA, ESTABLISHING A
TAX RECEIPT DELAY FINANCING RESERVE FUND.
THE CITY COUNCIL OF THE CITY OF EL SEGUNDO, CALIFORNIA,
DOES RESOLVE AS FOLLOWS:
SECTION 1. There is hereby established a TAX RECEIPT
DELAY FINANCING RESERVE FUND which shall be referred to as the
DRY PERIOD FUND.
SECTION 2. The Director of Finance is directed to
establish the Fund referred to in Section 1 hereof.
SECTION 3. The funds contained in the Fund referred
to in Section 1 hereof may be loaned to any other fund without
the approval of the City Council to the extent that such other
fund can repay the Tax Receipt Delay Financing Reserve Fund
during the then current fiscal year. Such advances shall only
be made when the fund to which the advances are made requires
money in order to meet its current obligations.
SECTION 4. Except as provided in the preceding Section,
funds referred to in Section 1 of this resolution-may be
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trans-
f erred from this Fund to the Self-insurance r
ance Liabilit
Y
Reserve
Fund and the Workers' Compensation Self- insurance Reserve Fund
by a resolution adopted by a unanimous vote of the City Council.
SECTION 5. The City Council shall at the time of the
adoption of the annual budget and at other times it considers
appropriate order transferred to the Fund referred to in Section 1
hereof from the General Fund such amounts as the City Council
. considers appropriate.
SECTION 6. Interest earned from this Fund shall be
credited to the General Fund.
SECTION 7. The City Clerk shall certify to the passage
and adoption of this resolution.- shall enter the same in the book
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of original resolutions 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 4th day of
ATTEST:
(SEAL)
March , 1980.
City Clerk
Mayor of the City of E1 Segundo,
California
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO
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h VALERIE A. BURROWES
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
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five; that the foregoing resolution, being Resolution No. 2980
was duly passed and adopted by the said City Council, approved
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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 80
and that the same was so passed and. adopted by the following vote:
AYES: Councilmen Henson, Bue, Nagel,
Van Vranken and Mayor Barer
NOES: Councilmen None —
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ABSENT: Councilmen None
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WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID
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CITY this 14th day of MARCH 19 80.
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City Clerk of the City of E1 Segundo,
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California
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