HomeMy WebLinkAboutCC Res 3609 1986-06-23
RESOLUTION NUMBER ~~9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH, CALIFORNIA, ESTABLISHING A
RESERVE FUND FOR THE PROPOSED ACQUISITION
AND/OR DEVELOPMENT OF THE ZOETER SCHOOL SITE
AND AUTHORIZING A DEPOSIT THERETO OF $350,000
THE CITY COUNCIL OF THE CITY OF SEAL BEACH HEREBY RESOLVES:
I
WHEREAS, investment income received by the Seal Beach
Redevelopment Agency for the year ended 6/30/85
exceeded bUdgeted estimates by $350,000; and
WHEREAS, the approved Redevelopment Agency budget for 1985/86
allocated funds of $350,000 to the Zoeter SchoDl
Reserve Fund; and
.
said $350,000 has been commingled with authorized City
investment funds for the fiscal year ended 6/30/86
earning an estimated investment return of 8% per annum;
and
WHEREAS,
WHEREAS,
said payment of $350,000 from the Redevelopment Agency
to City of Seal Beach should be considered as a
reduction of the indebtedness by the Redevelopment
Agency to the City of Seal Beach.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Seal Beach does hereby resolve to establish the Zoeter School
Reserve Fund with an initial deposit of $350,000 to earn interest
of 8% with effect from July I, 1985.
BE IT FURTHER RESOLVED that said payment of $350,000 shall reduce
the indebtedness of the Redevelopment Agency to the City of Seal
Beach by a like amount,
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PASSED, APPROVED AND ADOPTED BY THE City Council of the City of
'Seal Beach, at a meeting thereof held on the ~~ay of
, 1986, by the followi vote:
Councilmembers
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Councilmembers
ABSENT:
Councilmembers
ATTEST:
I
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH .>
I, Joanne, M. Yeo, City Clerk of Seal Beach, California, do
hereby certify that the foregoing resolution is the original copy
of Resolution Number ~~~ on file in the office of the City
Clerk, passed, ap ed a d adopted by the City Council of the
City of Seal Beac, a regular meeting thereof held on the
day of , 1986.