#124 10-03-78 Establish Equipment Reserve FundResolution #124
October 3, 1978
Member Anderson introduced and read the written resolution and moved its adoption:
RESOLUTION
(Establishing Equipment Reserve Fund)
WHEREAS, the City Council of the City of Golden Valley is desireous of
providing funding for certain capital needs of the City over a period of successive
budget years without the effect of substantial fluctuations in tax levy, and;
WHEREAS, this fluctuation is particularly felt in the area of purchase of
heavy equipment, NOW THEREFORE,
BE IT RESOLVED by the City Council of the City of Golden Valley as follows:
1. There is hereby established a fund to be known as the Equipment
Replacement Reserve Fund into which the Council may appropriate
funds from General Fund Tax Levies or from such other sources as
may be found to be appropriate. Said Funds are to be held for the
purpose of being reappropriated to the current or subsequent general
fund budgets for the purpose of acquiring or replacing capital equip-
ment.
2. The fund established above is to be set up for 1979 and subsequent
years and are subject to budhet procedures as established by the
Council.
'MARY ANDE Ir ON,.MAYOR PRO -TE
ATTEST:
JOHN MURPH CITY CLERK
The motion for the adoption of the foregoing resolution was duly seconded by
Member Johnson and upon being taken thereon, the following voted in favor thereof:
Anderson, Johnson, Stockman and Thorsen and the following voted against the
same: none, whereupon said resolution was declared duly passed and adopted, signed
by the MayorPro-tem and her signature attest'ed by the City Clerk.