HomeMy WebLinkAboutCC Ord 794 1969-12-22
I
I
I
.' '.
"
ORDINANCE NUMBER '7Qt/
AN ORDINANCE OF THE CITY OF SEAL BEACH, CALIFORNIA,
ESTABLISHING A CASH BASIS WORKING CAPITAL FUND AND
APPROPRIATING MONIES THERETO.
THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES ORDAIN AS FOLLOWS:
SECTION 1. There is hereby established a Cash Basis Working Capital
Fund for the purpose of keeping the City of Seal Beach on a cash
basis as nearly as possible. The City Manager is authorized, and
directed to transfer annually on or after July 1 of each fiscal
year such sums of money from the Cash Basis Working Capital Fund
to any other city fund in order that current financial obligations
and expenses as authorized in the adopted budget may be met, pro-
vided that on or prior to June 30 of the same fiscal year, any
city fund receiving advances or transfers of money from the Cash
Basis working Capital Fund shall repay to said fund the amount of
such advance or transfer of money. Any money transferred and/or
advanced to other city funds, or money remaining in the Cash Basis
Working Capital Fund not needed to provide for current obligations
shall be invested in legal securities or deposited in savings or
time accounts in order to earn interest on such temporary cash
surpluses.
EECTION 2. There is hereby appropriated to the Cash Basis Working
capital Fund the total available unencumbered monies and accounts
receivable from the General Special Reserve, said amount approxi-
mating at June 30, 1970, an amount of $309,000: the sum'" of
$100,000 from the Water Revenue (Operation and Maintenance) Fund:
and a sum from the General Purpose Fund sufficient to bring the
total money in the Cash Basis Working Capital Fund to $500,000:
provided that in no instance shall money be transferred as an
appropriation to said Cash Basis Working Capital Fund an amount
from any fund which would leave such fund in a deficit position.
PASSED, APPROVED, AND ADOPTED by the City Council o~ tEe City of
Seal Beach at a meeting thereof held on' the .:?::<,.,... day of
December, 1969, by the following vote: ~ LJ/ .
AYES: counCilmenaer.l1A..<W:>, J~ ~"'w~,a..,g'i,~n...e-u.~~
,
NOES:
ABSENT:
~~J~
Y Cl k
...