HomeMy WebLinkAboutCity Council - 5655 RESOLUTION NO. 5655
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH OF INTENT TO ISSUE AND SELL
SHORT-TERM TAX AND REVENUE ANTICIPATION NOTES
FOR FISCAL YEAR 1986-1987
WHEREAS, the City Council of the City of Huntington Beach
wishes to provide for effective cash management of the city' s
budget for fiscal year 1986/87, and to provide cash for the city' s
General Fund prior to the receipt of property tax revenues; and
Based upon budget estimates furnished by the City Treasurer' s
office, short-term financing in the form of Tax and Revenue Anti-
cipation Notes will benefit the city in fiscal year 1986/87; and
Pursuant to California Government Code § 53850 et seq. , the
City of Huntington Beach desires the issuance of such Notes on or
about July 1, 1986, so that the city' s General Fund will have suf-
ficient funds on a timely basis to meet the city' s obligations,
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Huntington Beach hereby directs staff to prepare the neces-
sary documentation for issuance of such revenue anticipation notes
for fiscal year 1986/87, and to make preparations to employ bond
counsel and underwriters, and, further, directs that staff furnish
information relating to the sale of such notes to the City Council
for approval thereafter.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 21st
day of April , 1986.
•
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney 4
REVIEWED_A D APPROVED: INITIATED V D:
City Adm nistra or ty Tre rer
Schedule "A"
City of Huntington Beach
Past Five Years and Current Year Cash Flow for All Funds
$ in Millions
July 1 Nov April June High/Low Begin
F/Y Begin Bal Low Bal High Bal End Bal Gross Diff Bal
1985/86 36,000 29,900 N/A
1984/85 31,900 24,400 39,500 36,600 15,100 47%
1983/84 29,100 21,300 32,100 31,900 10,800 37%
1982/83 28,400 23,000 29,900 29,100 6,900 24%
1981/82 26,100 22,300 30,100 28,400 7,800 20%
1980/81 25,100 21,100 *26,100 26,000 5,000 20%
*May
Res. No. 5655
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 21st day
of April 19 86 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Finley, Mandic, Green, Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
Bailey
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California