HomeMy WebLinkAboutResolution No. 1097 1698
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEY CREATING A REVOLVING FUND FOR THE CONSTRUC-
TION OF IMPROVEMENTS PURSUANT TO SECTIONS 5870 ET
SEQ. OF THE STREETS AND HIGHWAYS CODE OF THE STATE
OF CALIFORNIA
Pursuant to Section 5870 et seq. of the Streets and Highways
Code of the State of California, the City Council of the City of Downey
does resolve as follows:
SECTION 1. Block Improvement Fund. There hereby is created and
established a special fund in the City Treasury to be known as the Block
Improvement Fund.
SECTION 2. Same. Deposits. There shall be placed in such fund
annually such amount of money as may be deemed necessary by the City
Council and appropriated in the annual budget for the purpose of main-
taining such fund. In addition thereto, there shall be deposited in
such fund all collections made by the City or moneys paid to the City
for reimbursement of expenditures made by the City pursuant to the pro-
visions of Chapter 27, Part 3, Division 7 of the Streets and Highways
Code of the State of California whether such receipts constitute reim-
bursement for principal sums or the interest upon such sums.
SECTION 3. Same. Expenditures. All moneys in said fund shall
be expended exclusively for the purposes authorized by said Chapter 27.
SECTION 4. Discontinuance of Fund. The amount contained in said
fund may be reduced from time to time by the City Council upon a determina-
tion by said Council that the amount contained within said fund is not
needed for the purposes thereof or said fund may be discontinued at such
time as the City Council determines and finds that the purpose of the fund
has been fulfilled and there no longer is any need therefor. Upon the
reduction of the amount of said fund or the discontinuance of said fund,
the amounts withdrawn or the amount remaining in the event of a discontin-
uance may be used for any proper municipal purpose.
SECTION 5. The City Clerk shall certify to the adoption of this
resolution, and thenceforth and thereafter the same shall be in full
force and effect.
APPROVED AND ADOPTED this 1 >th day of February, 1963.
,i
Mayor
ATTEST:
City Clerk
I HEREBY CERTIFY that the foregoing resolution was adopted at a
regular meeting of the City Council of the City of ll owney held on the lith
day of February, 1963, by the affirmative vote of at least councilmen,
to wit:
AYES:
NOES:
ABSENT:
City Clerk