HomeMy WebLinkAboutResolution No. 1198 RESOLUTION NO.';
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEY CREATING A REVOLVING FUND FOR THE CON-
STRUCTION OF IMPROVEMENTS IN PUBLIC RIGHTS OF WAY
AND RESCINDING RESOLUTION NO. 1097
SECTION 1. Street and Sidewalk Construction Fund. There hereby
is created and established a special fund in the City Treasury to be
known as the Street and Sidewalk Construction Fund. The purpose of
such fund is for the financing of improvements made pursuant to the
provisions of Chapter 27, Part 3, Division 7 of the Streets and High-
ways Code of the State of California and the City's participation in
construction of sidewalks, curbs, gutters or streets.
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:
(1) All collections made by the City or moneys paid to the
City for reimbursement of expenditures made by the City pursuant to the
provisions 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 interett upon such sums; and
(2) All moneys paid to the City for or on behalf of any
property owner for the purpose of making a voluntary payment of the
property owners' proportionate share of the cost of any curb, sidewalk
or street improvement; and
(3) Any moneys now on deposit in the Block Improvement Fund
and deposited therein pursuant to the provisions of Resolution No. 1097.
SECTION 3. Same. Expenditures. All moneys in said fund shall be
expended exclusively for the purposes set forth in Section 1 hereof.
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 finds and determines 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fund, the amounts withdrawn or the amount remaining in the event of a
discontinuance may be used for any proper municipal purpose.
SECTION 5. Resolution No. 1097 hereby is rescinded.
SECTION 6. The City Clerk shall certify to the adoption of this
resolution.
APPROVED AND ADOPTED this -;' day of � , t , 1963.
Mayor Pro- Tempore
ATT$ST:
ti ti ice- v
City Clerk
I HEREBY CERTIFY that the foregoing resolution was adopted at a
regular meeting of - the City Council of the City of Downey held on the
day of 1 1r 1963, by the following vote:
AYES: _, Councilmen: u t IU ! — L,
NOES: Councilmen:
ABSENT: Councilmen:
City , Clerk