HomeMy WebLinkAbout59-028c: 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:
lo Transfer to the ~ater Utility Fund from the General ~'und the
amount of TWO HUNDRED TWENTY-FIVE THOUS~MD DOLLARS ($225,000.00) which
shall be accounted for as a loan;
2. Transfer to the Stabilization Fund from the "ater Utility ~'und
the amount of THREE HUNDRED THOUSAND DOLLARS ($300,000.00);
3. Transfer to the General ~und from the °tabilization Fund the
amount of THREE HUNDRED NINETEEN THOUSAND, NINE HUNDRED NINETY-NINE DOTJmRS
($319,999.OO);
~. Transfer to the ~ecreation and Parks ~und from the Stabilization
Fund the amount of THIRTY THOUSAND DOL;~ARS (,30,000.00).
PASSED AND ADOPTED .by the Cit~ Uouncil of the City of Santa Ana
at its regular meeting held on this 2nd day of .. February , 1959.
· - OF THE COUNCIL.
STATE OF CALIFORNIA )
COUNTY OF ORANGE )SS
CITY OF SANTA ANA )
I, MARION SUTTNEE, do hereby certify that I am the Clerk of the
Council of the City of Santa Ama; that the foregoing Resolutica was regularly
introduced to said Council at its regular meeting held on the 2nd day
o f February
., 1959~ ~d was at said meeting regularly passed and
adoSed by the following vote, to-wit:
COUNCI~N: Royal E. Hubbard, Stanley C. Gould, Jr.,
A.A. Hall, J. Ogden Markel
NOES,
COUNC ~MEN: None
ABSENT, COUNCILMEN: Dale H. Heinly
' - Clerk~of the ouncil