HomeMy WebLinkAboutResolution No. 3426 RESOLUTION NO. 3426
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
CREATING A REVOLVING FUND FOR THE CONSTRUCTION OF
IMPROVEMENTS IN PUBLIC RIGHTS OF WAY AND RESCINDING
RESOLUTION NO. 1198
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 Highways Code of the State of California, and other kinds of work
imposed by the City where costs thereof are assessed against adjacent owners, and
the City's participation in construction of sidewalks, curbs, gutters, streets, or
underground facilities.
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 maintaining such fund. In addition thereto,
there shall be deposited in such fund:
(1) All collections made by the City of monies 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, or by the provisions of
Article VII, Chapter 5, Underground Facilities, of the Downey
Municipal Code, whether such receipts constitute reimbursement
for principal sums or the interest upon such sums; and
(2) All monies paid to the City for or on behalf of any property owner
for the purpose of making a voluntary payment of the property
owner's proportionate share of the cost of any curb, sidewalk,
street improvement, or underground utility connections.
SECTION 3. Same. Expenditures. All monies 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 determination 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said fund, the amounts withdrawn or the amount remaining in the event of a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. 1198 hereby is rescinded.
SECTION 6. The City Clerk shall certify to the adoption of this resolution.
APPROVED AND ADOPTED this 12th day of July , 1977.
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" Robert L . Sha ✓ nd, 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 12th day of July ,
1977, by the following vote:
AYES: 5 Council Members: Miller, Greene, Jackman, Scotto, Jennings
NOES: 0 Council Members None
ABSENT: 0 Council Members: None Lac ` ------- 7/ / r ,,,, , ,,
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Robert L. Shand, City Clerk