Resolution 575
RES 0 L UTI 0 N NO. 575
RESOLUT~ON ESTABL[SH[NG A FUND TO BE KNOWN AS THE CAP[TAL OUTLAY REVOLViNG
FUND, TRANSFERR[NG TO SA[D FUND ALL THE PRESENT RESERVE AND WATER L[NE
REPLACEMENT FUNDS~ WHICH FUNDS ARE HEREBY DfSCONT[NUED, AND PROV[D[NG
THAT A SURPLUS OF APPROX[MATELY $50,000.BE MAiNTAINED AS A RESERVE iN THE
GENERAL FUND.
BE IT RESOLVED that there shall be and there is hereby established a fund
to be known and designated as the Capital Outlay Revolving Fund of the City of
Gilroy, to which there shall be transferred all of the monies now in the
Reserve Fund and all of the monies now in the Water Line Replacement Fund and
that upon the transfer of said monies that the said Reserve Fund and the said
Water Line Replacement Fund shall be discontinued.
BE IT FURTHER RESOLVED that the Capital Outlay Revolving Fund shall be
a fund from which monies shall be made available for the extension of sewer
and water mains and other public improvements, facilities or services to such
annexed areas of the City as the City Council may deem advisable and to which
such monies received from users of these improvements, facilities or services
shall be deposited,
BE IT FURTHER RESOLVED that a reserve of approximately $50,000 be
maintained in the General Fund for emergencies,
PASSED AND ADOPTED this
5th
day of
July
, 1960, by the
following vote:
AYES: COUNCiL MEMBERS: Jordan, Pate, Petersen, Rush, Wentworth, San~~ez
NOES: COUNC i L MEMBERS: None
ABSENT: COUNCIL MEMBERS: Goodrich
APPROVED 4y.~..~/
ATTEST:
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City Clerk
6-/;:)
I,
G. B. Carr
-
,
City Clerk of the City of Gilroy, ~o hereby certify that
the attached Resolution No.
575 .____ is an original
resolution, duly adopted by the CO'lf.cil of the City of
Gilroy at 8. re:sular m.eeting of said (ic'lncil held on the
lito
day of ____ Julv
......., 192.0.-, at uhich
meeting a quorum was present.
IN HITNESS t'.fHEREOF, I have here1."~""o set my hand
and affixed the official seal of the ?:t'::.y of Gilroy, this
7th
daJ~ of
July 'On , 19-2!L.
.i1{j {}(J.I)/}7
City Clerk 01 ~"lf: City of Gilroy