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c: Finance, ~,rchasin~ ~ESOLUT ION ~0. 59-28 RESOLUTION REDUCING CASH BALANCE IN THE STABILIZATION FUND RESTORING THE EXCESS ~ONEY THEREIN TO ~HE FUNDS FROM WHICH IT WAS TRANSFEB~KED ORIGINALLY AND PROVIdING FOR A TEMPORARY LOAN TO THE WATER UT~ITY FUND FROM THE GENERAL FUND. ~HEREAS, in pursuance to the provisions of the City Charter, the City Council established a fund known as the "Stabilization Fund" for the purpose of making temporary loans to other funds in anticipation of revenue receipts; and ~HERE. A.~, said Stabilization Fund was created by the transfer of monies from other funds as follows, to wit: Transfer from General Fund Transfer from Recreation and Parks Fund Total $320,000. 30~000. $35o,o00. AND WHEREAS, two loans were made to the Water Utility F~und from the Stabilization Fund in the aggregate amount of $300,000. by budgetary authorization; and · HE~AS, there was not sufficient monies in the Water Utility Fund to repay such loans within the current fiscal year as required by Charter provisions; and WHEREAS, it has been determined by the City Council that the need for the Stabilization Fund no longer e~ists and that the same should be re- duced to a token balance of $1.00 to maintain the fund as required by the Charter; and ~EREAS, it is the finding of the City Council that a loan in the amount of $225,000. for kn indefinite period from the General Fund to the Water Utility Fund is necessary and proper to provide funds for the repay- ment of the loans owed by the Water Utility Fund to the Stabilization Fund; NOW, THEREFORE, BE IT RESOLVED that the Director of Finance is hereby authorized and directed to make the following inter-fund transfers of money, to wit: