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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: /) :b tl i/,,'/ ,/ /1 I .t.f;;;z. ./ ' ,/1,.-1.../ 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