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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 2 2O 7 1 F-/o • oZo r7 <7;43 RESOLUTION NO. 2017-26 15°/-77 °u�uTir /+rz�Js 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