HomeMy WebLinkAbout86-74 - Directing Finance Director to Apportion Interest Earned by Development Trip Charges Fund183
RESOLUTION NO. 86-74
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, DIRECTING THE CITY FIN-
ANCE DIRECTOR TO APPORTION INTEREST EARNED BY
THE DEVELOPMENT TRIP CHARGES FUND INTO THE
DEVELOPMENT TRIP CHARGES FUND.
WHEREAS, the City of Costa Mesa has established the Development Trip
Charges Fund for the purpose of retaining funds collected toward construc-
tion of a specific capital improvement plan; and
WHEREAS, implementation costs and the determination of trip charges
have assumed that deposited funds will maintain their present worth by
prudent investing; and
WHEREAS, funds for trip charges may be held in deposit for a number of
years before major needs can be fully funded;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Costa Mesa that the City Finance Director is directed to apportion interest
earned by funds deposited in the Development Trip Charges Fund to the
Development Trip Charges Fund.
PASSED AND ADOPTED this 7th day of July, 1986.
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yo of the City of t esa
ATTEST:
Ci y Clerk of the City of Costa 10-sa
(T
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 86-74 was duly and regularly passed and adopted by
the said City Council at a regular meeting thereof, held on the 7th day of
July, 1986.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 8th day of July, 1986.
&&4J
Ci y Clerk and ex -of icio Clerk the
City Council of the City of Co a the