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HomeMy WebLinkAbout1511 RESOLUTION NO. 1~11. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, TRANSFERRING FUNDS FROM THE "SEWER BONDS 1945 ~ INTEREST AND SINKING FUND" AND CREATING A NEW FUND TO BE KNOWN AS SEWER BONDS 1946, INTEREST AND SINKING FUND". THE CITY COUNCIL OF THE CITY OF ARCADIA DOES RESOLVE AS FO LLOWS: SECTION 1. WHEREAS, in the judgment of this Council, there is no further need to retain in the "Sewer Bonds 1945, Interest and Sinking Fund" the sums collected and deposited therein in accordance with the provisions of Resolution No. 1418, adopted September 5, 1945; and WHEREAS, this Council determines that it is in the best interest of the City of Arcadia that no tax be levied for the fiscal year 1946-1947 to pay the principal and interest on 1946 Sewer Bonds so long as the sums so collected and deposited as aforesaid are avail- able for transfer to a new fund to be known as "Sewer Bonds 1946, Interest and Sinking Fund". NOW, THE~FORE, BE IT RESOLVED that a special fund is hereby created for the purpose of paying the principal and interest on 1946 Sewer Bonds, which fund shall be designated as "Sewer Bonds 1946, Interest and Sinking Fund" and to which fund is hereby transferred the sum of Forty-seven Thousand Six Hundred Thirty-five and 48/100 Dollars ($47,635.48), being the amount collected under a levy for the year 1945-1946 for the purpose of paying the principal and interest on 1945 Sewer Bonds, and previously deposited in the fund designated "Sewer Bonds 1945, Interest and Sinking Fund". BE IT FURTHER RESOLVED that in addition to the said sum of $47,635.48, so transferred as aforesaid, any further sum or sums col- lected for the account of 1945 Sewer Bonds and credited to "Sewer Bonds 1945, Interest and Sinking Fund" shall thereupon be transferred to the fund herein created and designated "Sewer Bonds 1946, Interest and Sinking Fund". BE IT FURTHER RESOLVED that upon transfer of said funds and the creation of the fund designated "Sewer Bonds 1946, Interest and Sinking Fund", no tax shall be levied to pay the principal and interest nli/-'O l"- . on 1946 Sewer Bonds for the fiscal year 1946-1947. SECTION 2. of this Resolution. The City Clerk shall certify to the adoption adjourned was adopted at antegular meeting of the City Council of the City of Arcadia held on the 26th day of August, 1946, by the affirmative vote of at least three Councilmen, to wit: AYES: Councilmen Adcock, Ormsby aDdRussel1 NOES: None ABSENT: Councilmen Leeper and Nugent ~ C~Y ~~ I HEREBY CERTIFY that the foregoing ~solution SIGNED AND APPROVED this 26th ,day of August, 1946. /h" N O/YY1A4~ Mayor ATTEST: J~ ~{ .;;iZ City Clerk / - 2 -