HomeMy Public PortalAboutResolution #2016-16, Resolution #2016-16 Amending Resolution #2016-11 A Resolution Authorizing The Creation Of A Maintenance Fund Certificate Of Deposit Account RESOLUTION NO. 2016-16
RESOLUTION NO.2016-16 AMENDING RESOLUTION NO. 2016-11 A RESOLUTION
AUTHORIZING THE CREATION OF A MAINTENANCE FUND CERTIFICATE OF
DEPOSIT ACCOUNT
WHEREAS, the City Council ("Council")for the City of Riverdale ("City")wishes to plan and
reserve funds for purchases and repairs of the more expensive maintenance and improvements
projects ("Large Projects") as identified in the City's Capital Improvements Plan; and
WHEREAS,the Council intends to adopt a schedule of estimated costs of Large Projects with a
projected fiscal year for completion; and
WHEREAS, a portion of the estimated costs of Large Projects will be budgeted for each year
within the City's Budget; and
WHEREAS,the Council has budgeted$15,000 in Fiscal Year 2016 for roof replacement reserve
with an estimated cost of$50,000 in the next 3 years and wishes to begin reserving funds for this
and other Large Projects; and
WHEREAS,the Council desires to reserve funds for Large Projects by opening a maintenance
certificate of deposit(CD) at Quad City Bank& Trust to begin saving funds for Large Projects.
NOW,THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RIVERDALE,IOWA by approval of Resolution 2016-16, the Council Directs and Authorizes
the Mayor and City Clerk to open a Certificate of Deposit Special Fund Account with
Quad City Bank&Trust designated named the "Maintenance Projects Fund" in the amount of
$15,000.00 in Fiscal Year 2016.
Passed, Approved and Adopted this 5 day of July 2016.
Ayes: Hupp, Channon, Seaberg Nays:
Absent: : Littrel, Halsey
Sonya Pa ock, Mayor
Attest:
C)Lulit,ItY)Cd-,j,02j)
Paula McIntosh, City Clerk