HomeMy WebLinkAboutResolution No. 4015 RESOLUTION NO. 4015
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF DOWNEY CREATING A SPECIAL FUND
ENTITLED "FUTURES FUND"
WHEREAS, the City Council of the City of Downey hereby declares
that there is a need in the City for a Special Reserve Fund.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. SPECIAL RESERVE FUND. A Special Reserve Fund
shall be created and an amount of $10,000 shall be transferred from
the General Fund to this Fund each year for a period of fifty years.
This money shall be separately invested and earnings together with
principal shall remain in this fund until the Council shall approve
the expenditure of these funds for designated purposes.
SECTION 2. The City Clerk shall certify to the adoption of
this Resolution and provide for appropriate distribution thereof.
APPROVED AND ADOPTED this 8th day of September , 1981.
Milton R. Mackaig, Mayor /
ATTEST:
City Clerk .-
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 8th day of September , 1981, by the following vote, to wit:
AYES: 4 Council Members: Swearingen, Quinn, Cormack, Mackaig
NOES: 1 Council Members: Jackman
ABSENT: 0 Council Members: None
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City Clerk