HomeMy WebLinkAboutReso 75-1991RESOLUTION NO. 75-91
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING BUDGET AMENDMENT 90-7
TO THE 1990-1991 CAPITAL IMPROVEMENT BUDGET
TO ESTABLISH A RESERVE FUND FOR THE PROPOSED
ORANGE PARK AND CORPORATION YARD PROJECTS
WHEREAS, the City is undertaking major capital improvements in the
development of the City Orange Park and Corporation Yard Projects; and
WHEREAS, it is deemed necessary and desirable to establish a reserve fund
in the Capital Improvement Budget to assure the availability of adequate
funding for these projects over the course of a number of years with
accumulat, ed interest earnings; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Franciscomthat it hereby adopts this budget amendment to establish a reserve
fund withiin the Capital Improvement Budget exclusively for the Orange Park and
Corporatilon Yard Projects and transfer $1,900,000 from the excess insurance
reserves,I $800,000 from the Park in-lieu fund, and $200,000 from the Sewer
Fund, to Ithe reserve fund.
I hereby certify that the foregoing Resolution was regularly introduced and
adopted b) the City Council of the City of South San Francisco at a reqular
eld on the 26th day of June , 1991 by the following
meeting h
vote:
AYES:
NOES;
ABSTAIN:
ABSENT:
City Councilmembers Richard A. Haffey, Gus Nicolopulos, John R.
Penna, Roberta Cerri Teglia, and Mayor Jack Drago
None
None
None
City Clerk