HomeMy WebLinkAboutCC Ord 795 1969-12-15
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..., ,._ ,-~.,.-,,_.-,...,.~~~.>> ORDINANCE NUMBER '7 if 5"
AN ORDINANCE OF THE CITY OF SEAL BEACH, CALIFORNIA,
ESTABLISHING A VEHICLE DEPRECIATION AND REVOLVING
FUND AND APPROPRIATING MONIES THERETO.
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THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES ORDAIN AS FOLLOWS:
SECTION 1. There is hereby established'a Vehicle Depreciation and
Revolving Fund to which is appropriated, from the unencumbered
monies of the General Fund an amount of'$164,205: said sum of money
being transferred to the Vehicle Deprec~ation and Revolving Fund on
or prior to June 30, 1970. The City Council shall annually consider
appropriations to said Vehicle Depreciation and Revolving Fund in
an amount equal to the cost oE additionai vehicles and for any cost
of a replacement vehicle that is higher: than tne depreciation
reserve for said vehicle. Any money regeived from the sale or
salvage of a depreciated vehicle shall be deposited in said fund.
The City Council shall also consider annually an appropriation
sufficient to establish a depreciation reserve equal to the depre-
ciation of city vehicles, it being recognized that the above
appropriation would be insufficient for such purposes. The City
Manager is authorized and directed to transfer on or after July 1
of each year such monies in said fund t~at are not necessary during
that fiscal year to purchase new or replacement equipment or
vehicles to any city fund for the purpose of assisting said fund
receiving such transfers on a cash basis, provided that on or prior
to June 30 of the same fiscal year, the' fund or funds receiving
such transfers of money will repay the Vehicle Depreciation and
Revolving Fund an amount equal to said ~ransfers of money. The
city Manager in submitting an annual budget to the city Council
will include his recommendations for the Vehicle Depreciation and
Revolving Fund. Any money that is not used for expenditures or
transfers to other funds shall be invested to earn interest.
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PASSED, APPROVED, AND ADOPTED by the Ci~y Council ~the city of
Seal Beach at a meeting thereof held onj the /S - day of
December, 1969, by the following vote: i /
AYES: councilmend?t~.,.._ ~ ~~ '1.J, ,... La;...,
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NOES:
Councilmen~,~
ABSENT:
Councilmen
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c' Cle
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I, JERDYS WEIR, CITY CLERK OF THE CITY OF SElW
BEACH, DO HEREBY CERTIFY THAT THE FOREGOING
ORDINANCE I,S TilE 9R:C1NAL ORI'\!NANCt: NO 7"~.5;""
AND WAS POSTED PU:lSUA:'-.'T TO ORDINANCE '
N~... ..).;r.dlN THE .,.L.f...!:...DAY QF.&~...,....L~fj
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