HomeMy Public PortalAboutResolution #2017-26, Authorizing The Creation Of A Maintenance Fund Cerificate Of Deposit Account RESOLUTION NO. 2017-26
A RESOLUTION AUTHORIZING THE CREATION OF A MAINTENANCE FUND
CERTIFICATE OF DEPOSIT ACCOUNT
WHEREAS, the City Council ("Council") for the City of Riverdale ("City") adopted Resolution
2016-11 as a way 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 2017 and Fiscal Year 2018 for
roof replacement reserve with an estimated cost of$50,000 in the next 2 years and wishes to save
funds for this and other Large Projects; and
WHEREAS, the Council desires to add to the reserve funds for Large Projects by transferring
$15,000 from the General Fund to the already established maintenance certificate of deposit
(CD)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 2017-26, the Council Directs and Authorizes
the Mayor and City Clerk to add $15,000 to the Maintenance Certificate of Deposit Special Fund
Account designated named the "Maintenance Projects Fund" in the amount of$15,000.00 for
Fiscal Year 2017 and 2018.
ROLL CALL VOTE: Aye Nay Absent
Channon X
Hupp X
Seaberg X
Littrel X
Halsey X
CERTIFICATION, I hereby certify that the foregoing is a true and corrected copy of a
Resolution of the City of Riverdale adopted at a meeting of said public body, duly called and
held on the 8t" day of August, 2017, a quorum being present, as said resolution remains of record
in the minutes of said meeting, and it is now and in full force and effect.
Passed and approved this 8th day of August 2017.
Sonya Paddock, Mayor Ronald E. Fullerlove, City Clerk/Treasurer
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RESOLUTION NO. 2017-26
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A RESOLUTION AUTHORIZING THE CREATION OF A MAINTENANCE FUND
CERTIFICATE OF DEPOSIT ACCOUNT `c
WHEREAS,the City Council ("Council") for the City of Riverdale ("City") adopted Resolution
2016-11 as a way 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 2017 and Fiscal Year 2018 for
roof replacement reserve with an estimated cost of$50,000 in the next 2 years and wishes to save
funds for this and other Large Projects; and
WHEREAS, the Council desires to add to the reserve funds for Large Projects by transferring
$15,000 from the General Fund to the already established maintenance certificate of deposit
(CD) 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 2017-26,the Council Directs and Authorizes
the Mayor and City Clerk to add $15,000 to the Maintenance Certificate of Deposit Special Fund
Account designated named the "Maintenance Projects Fund" in the amount of$15,000.00 for
Fiscal Year 2017 and 2018.
ROLL CALL VOTE: Aye Nay Absent
Channon X
Hupp X
Seaberg X
Littrel X
Halsey X
CERTIFICATION, I hereby certify that the foregoing is a true and corrected copy of a
Resolution of the City of Riverdale adopted at a meeting of said public body, duly called and
held on the 8th day of August, 2017, a quorum being present, as said resolution remains of record
in the minutes of said meeting, and it is now and in full force and effect.
Passed and approved this 8th day of August 2017.
Sonya Paddock, Mayor Ronald E. Fullerlove, City Clerk/Treasurer