Resolution No. 4218447
RESOLUTION NO. 4218
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS REQUIRING
LEGISLATIVE ACTION TO USE THE 15% CONTINGENCY ACCOUNT OF THE
GENERAL FUND FOR WORKING CAPITAL EXPENDITURES AND REQUIRE A
CONTRACTUAL AGREEMENT TO REIMBURSE THE ACCOUNT
WHEREAS, on April 22, 1991 the City Council adopted a policy
to designate into a separate account, fifteen (15) percent of the
General Fund's annual expenditures for contingencies; and
WHEREAS, the City Council would review all expenditures from
the contingency account and approve appropriations therefrom; and
WHEREAS, it is intended that appropriations from the
contingency account would be for one -time emergencies or capital
improvement and not working capital; and
WHEREAS, it is the intention of the Council that this
contingency account be reimbursed for any funds used for working
capital expenditures.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Cypress:
The Contingency Account of the General Fund Balance be
restricted in use, not to include working capital expenditures
without legislative approval by the City Council and any such
use would contain a contractual requirement to reimburse the
amount used for working capital.
PASSED AND ADOPTED by the City Council of the City of Cypress
at a regular meeting held on the 12th day of July 1993.
ATTEST:
CITY CLE'K F HE C:TY OF CYPRESS
STATE OF CALIFORNIA
COUNTY OF ORANGE
SS
MAYOR OF THE CITY ''CYPRESS
I, DARRELL ESSEX, City Clerk of the City of Cypress DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted at a regular
meeting of the said City Council held on the 12th day of July ,
1993; by the following roll call vote:
AYES:
NOES:
ABSENT:
4
0
1
COUNCIL MEMBERS: Bowman, Nicholson, Partin
COUNCIL MEMBERS None and Kerry
COUNCIL MEMBERS: Age
CITY CLERK OF THE Y OF CYPRESS