HomeMy Public PortalAbout82-155 (10-05-82)RESOLUTION NO. 82 -155
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD AUTHORIZING A LOAN TO THE GENERAL FUND
OF MONIES FROM THE SELF INSURANCE FUND IN AN
AMOUNT NOT TO EXCEED $150,000 (ONE HUNDRED FIFTY
THOUSAND DOLLARS)
WHEREAS, the State has informed the City of Lynwood of
its intention to withhold Motor Vehicle License Fee Subvention
apportionments until the reduction of $162,000 is achieved, and
WHEREAS, the City of Lynwood's General Fund may experience
a negative cash situation due to these unanticipated reductions, and
WHEREAS, the City of Lynwood's Self Insurance Fund has a
substantial cash reserve,
NOW, THEREFORE BE IT RESOLVED by the City Council of the
City of Lynwood as follows*
Section 1 . That the City Manager is authorized to process
a loan of Self Insurance Fund monies to the General Fund.
Section 2 . The loan to the General Fund is not to exceed
$150,000 (One hundred fifty thousand dollars) and shall be processed
on an "as needed" basis. The loan shall be repaid in full by
December 31, 1982.
Section 3 . This resolution shall take effect immediately
upon adoption.
APPROVED AND ADOPTED THIS 5th day of O ctober 1982.
L I A. HOMPSON, MayyfY
City of Lynwood 6
ATTEST
ANDREA L. HOOPER, Cityity C
City of Lynwood
j D AS TO FORM.
DAVID Mc VEN, City Attorney
APPROVED AS TO CONTENT
BARBARA FIKEL, Accounting Manager
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Citv Clerk of the City of
Lynwood, do hereby certify that the foregoing resolution
was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the
5th day of October , 1992•
AYES: Councilmen Byork, Green, Morris, Rowe, Thompson
NOES: None
ABSENT: None
tr' City Clerk, City of Lynwood