CC RESOLUTION 3202.1 *060 1
RESOLUTION NO. 3202
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA, DIRECTING: 1. THAT
INTEREST ACCRUING ON THE "VOTERS' TRUST ACCOUNT"
CREATED BY ORDINANCE AT A SPECIAL ELECTION
HELD NOVEMBER 21 1982, BE DEPOSITED IN THE SAID
"VOTERS' TRUST ACCOUNT"; 2. THAT THE SAID
INTEREST TO BE DEPOSITED IN THE SAID "VOTERS'
TRUST ACCOUNT" SHALL BE THE AMOUNT ACCRUED ON
THE PRINCIPAL SUM DESCRIBED IN THE SAID
ORDINANCE SINCE NOVEMBER 2, 1982; 3. THAT THE
INTEREST SO DEPOSITED SHALL BE EXPENDED ONLY
BY DIRECTION OF THE VOTERS OF THE CITY OF EL
SEGUNDO AT AN ELECTION TO BE HELD AT A FUTURE
DATE.
WHEREAS, by vote of the citizens of the City of El
Segundo, at an election held November 2, 1982, a "Voters'
Trust Account" was created by ordinance; and
WHEREAS, the said ordinance did not specify to what
account or fund interest accruing on the amount of money
placed in the "Voters' Trust Account" by the said ordinance
would be deposited; and
WHEREAS, the Government Code of the State of California
provides that all interest deposited or invested by local
agencies shall be paid quarterly into the General Fund of the
agency unless otherwise directed by law; and
WHEREAS, the City Council of the City of El Segundo
now desires to direct that the interest accruing on the
"Voters' Trust Account" created by the said ordinance shall
be deposited in the "Voters' Trust Account." Further the
City Council of the City of E1 Segundo also desires to direct
that all interest accruing on the principal amount deposited
in the "Voters' Trust Account " by the said ordinance since
the date of the adoption of the ordinance on November 2, 1982,
shall be deposited in the said "Voters' Trust Account." And,
further, the City Council also desires to direct that the
interest on the "Voters' Trust Account " shall be expended only
by direction of the voters of the city at an election to be
held at a future date.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO, CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND
ORDER AS FOLLOWS:
SECTION 1. The City Council of the City of El Segundo,
California, hereby directs that all interest accruing on the
principal sum deposited in the "Voters' Trust Account" created
by ordinance passed at the election of November 2, 1982, shall
be deposited in the said "Voters' Trust Account."
SECTION 2. The City Council of the City of El Segundo
further directs that the said interest to be so deposited shall
be all interest earned on the principal sum mentioned in Section
1, beginning on November 2, 1982. In addition, all interest
accruing to the said "Voters' Trust Account" in the future shall
be deposited to the said "Voters' Trust Account ", subject to
Section 3 hereof.
SECTION 3. The City Council of the City of E1 Segundo
further directs that the interest deposited in or accruing in
the said "Voters" Trust Account" may be expended only by direction
of the voters of the city at an election to be at a future
date.
SECTION 4. 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 minute
of the passage and adoption thereof in the records of the pro-
ceedings 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 19th, day of
April , 1983.
ATTEST;
VALERIE A. BURROWES
City Clerk
(SEAL)
Bye
d fry Deputy
M,Ayor�-&f the City of El Segundo,
California
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0
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
CITY OF EL SEGUNDO )
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SS
19 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. 3202
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 19th day of April ,19 83
and that the same was so passed and adopted by the following vote:
AYES: Councilmembers Armstrong, Johnson, Siadek,
Synadinos and Mayor Bue
NOES: Councilmembers None
ABSENT: Councilmembers None
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID
CITY this 29th day of
( SEA L)
April
19 83
City Clerk of the City of El Segundo,
California
1 `19 6'0