HomeMy WebLinkAboutCity Council - 96-31 RESOLUTION NO.
A RESOLUTION OF THE CITY OF HUNTINGTON BEACH
TO REDUCE THE CITY'S RESERVE FOR ECONOMIC UNCERTAINTIES
WHEREAS, the City Council approved Resolution No. 6600 on June 6, 1994,
which created a Reserve for Economic Uncertainties ("the Reserve") in the amount of
Five Million Dollars ($6,000,000), and
The Orange County bankruptcy resulted in certain claims from the General Fund
and the Reserve for Economic Uncertainties and other funds which could also affect the
City's General Fund, and
One-time costs have further reduced the Reserve for Economic Uncertainties, and
It is therefore necessary to reduce the Reserve accordingly,
NOW, THEREFORE, the City Council of the City of Huntington Beach does
hereby resolve, determine and find as follows:
SECTION 1. The City of Huntington Beach Reserve for Economic
Uncertainties is hereby reduced from Five Million Dollars ($5,000,000) to the sum of
Three Million Dollars ($3,000,000).
SECTION 2. This Resolution shall be effective immediately.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 15th day of April 199fK 6
ATTEST: V ayor
e� L APPROVED AS TO FORM:
City Clerk
-�- s City Attorney Iz- zo-1,r
VIEWE ND P VED
INITIA AND APPROVE
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eputy City Administrator!
Administrative Services
uncertaWl 2120/95
Res. No. 96-31
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, 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 at least a majority of all the members of said
City Council at a regular meeting thereof held on the 15th of April, 1996 by the
following vote:
AYES: Councilmembers: Harman, Leipzig, Bauer, Sullivan, Dettloff,
Green, Garofalo
NOES: Councilmembers: None
ABSENT: Councilmembers: None
City Clerk and ex-officio Clerk of the
City Council of the City of Huntington
Beach, California
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