Resolution 1059
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RESOLUTION NO. 1059
A RESOLUTION CREATING A REVOLVING FUND
NORTH CHURCH STREET EXTENSION
PROJECT 1966-1
RESOLVED, by the City Council of the City of Gilroy, Cali-
fornia, that
WHEREAS, on June 20, 1966, this Council adopted Resolution
of Intention No. 1028 wherein it instituted proceedings for doing
the work and making the public improvements more particularly
described therein, to be had pursuant to the Municipal Improve-
ment Act of 1913;
WHEREAS, Section 10424 of said Municipal Improvement Act of
1913 provides that this Council, to expedite the making of said
improvements, may at any time advance out of any money in the
general fund such sums as it deems necessary and that any sums so
transferred are a loan and shall be repaid out of the proceeds of
the assessments;
WHEREAS, Title 4, Division 4, Chapter 3, Article 2 of the
Government Code of the State of California provides for the creatio
of a revolving fund in connection with proceedings had for the
purposes therein set forth; and
WHEREAS, the public convenience and economy will be served
by creating a revolving fund in connection with said proceedings.
NOW, THEREFORE, IT IS ORDERED, as follows:
1. A revolving fund, to be known as North Church Street
Extension Project 1966-1 Revolving Fund is hereby created and shall
be maintained.
2. The sum of $ 53,255.00
, and such other sums as the
Council may hereafter order, shall be transferred from the General
Fund of the City to said Revolving Fund.
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3. The moneys in said Revolving Fund shall be expended for
the purposes set forth in said Resolution of Intention, including
the costs and expenses incidental thereto, and the cost of acquir-
ing land, rights of way, or other property necessary for such
purposes as said funds are needed therefor.
4. Said Revolving Fund shall be reimbursed from the assess-
ments to be collected and the proceeds of the bonds to be issued
and sold in said assessment proceedings, and from such other sourc s
as the Council shall hereafter determine.
5. When the purposes for which said Revolving Fund is create
have been fully accomplished, all moneys remaining therein shall
be returned to the General Fund and said Revolving Fund discon-
tinued.
6. A certified copy of this resolution shall be filed in
the office of the ll~tEi'&.lJm~:.fii.mlnce.
* * * * * * * * * *
I hereby certify that the foregoing is a full, true and
correct copy of a resolution duly passed and adopted by the City
Council of the City of Gilroy, California, at a meeting thereof
held on the 19th day of September , 1966, by the following vote
of the members thereof:
AYES, and in favor thereof, Councilme:robers: Duffin,Eckard,
Goodrich,Quartiro1i ,Wentworth, and Petersen.
NOES, Councllmemers: None
ABSENT, Councllmell11bers:
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roy
APPROVED: ,..-/.///". /
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May-or
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SUSANNE E. PAYNE
, City Clerk of the City of
Gilroy, do hereby certify that the attached Resolution
No. 1059 is an original resolution, duly adopted by
the Council of the City of Gilroy at a regular meeting
of said Council held on the 19th day of September
19~, at which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the official seal of the City of Gilroy, this
20th day of September , 19~.
/6LamJ ~ t2 ~J
'Ci ty Clerk of the Ci ty,/ f Gilroy
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