HomeMy WebLinkAboutResolution No. 2752 RESOLUTION NO. 2752
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEY ESTABLISHING A TRUST FUND IN THE CITY
TREASURY IN WHICH ALL PAYMENTS RECEIVED BY THE CITY
PURSUANT TO THE "STATE AND LOCAL FISCAL
ASSISTANCE ACT OF 1972" SHALL BE DEPOSITED.
THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
RESOLVE AS FOLLOWS:
SECTION 1. There is hereby established in the City
Treasury a trust fund which shall be identified as the Federal
Revenue Sharing Trust Fund. All payments received by the City
pursuant to the "State and Local Fiscal Assistance Act of 1972"
shall be deposited in the Federal Revenue Sharing Trust Fund.
SECTION 2. Any interest earned on the amounts on
deposit in the Federal Revenue Sharing Trust Fund shall be
deposited in that fund.
SECTION 3. Funds in the Federal Revenue Sharing
Trust Fund shall be used only for priority expenditures as defined
in Section 103 (a) of the State and Local Fiscal Assistance Act of
1972. The Director of Finance shall pay over to the Secretary of
the Treasury of the United States (for deposit in the general fund
of the Treasury) an amount equal to 110 percent of any amount
expended out of such trust fund in violation of the provisions of
this section unless such amount is promptly repaid to such trust
fund or such violation is otherwise corrected after notice and
opportunity for corrective action.
SECTION 4. Expenditures from the Federal Revenue
Sharing Trust Fund shall be audited and paid out upon warrants
drawn against the fund in accordance with and subject to the laws,
ordinances and procedures applicable to the expenditure of all
other funds of the City.
SECTION 5. In connection with the receipt of funds
and their disbursement from the Federal Revenue Sharing Trust
Fund, the City Treasurer and the Director of Finance are directed
to use fiscal, accounting, and audit procedures which conform to
applicable guidelines.
SECTION 6. The City Clerk shall certify to the adoption
of this resolution.
ADOPTED AND APPROVED this llth day of December
1972 .
ATTEST: `
Cit Clerk Mayor
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the City Council of the City of Downey at a regular meeting
thereof held on the llth day of December , 197 2 , by the
following vote of the Council:
AYES: 5 Councilmen: Jennings, Morton, DiLoreto, Temple, Winton
NOES: 0 Councilmen: None
ABSENT: 0 Councilmen: None
City Clerk