HomeMy WebLinkAbout85-53 - ResolutionsRESOLUTION NO. 85-53
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCNO
CUCANONGA, CALIFORNIA, ESTABLISHING PROCEDURES FOR RECEIVING
AND TRANSFERRING BOND ISSUE ADtilNISTRATIVE AND COMPLIANCE
FEES BET~/EEN FUNDS
I~HEREAB, the City Council of the City of Rancho Cucamonga may receive
administrative £ees from various trustees regarding City bond issues; and
WHEREAS, the City Council of the City of Rancho Cucamonga will from
time to time receive a specific percentage in compliance fees for the issuance
of mortgage revenue bonds.
NOI4, THEREFORE, BE IT RESOLVED, that reserve or trust accounts are
hereby established to receive trustee administrative fees, compliance fees, and
other pertinent monies. This reserve is to maintain a minimum balance of
$50,000. After a period of one (1) year the City Manager may direct those
funds in excess of the $50,000 minimum requirement to be transferred to the
Capital Reserve Fund of the City of Rancho Cucamonga.
PASSED, APPROVED, and ADOPTED this 20th day of February, 1985.
AYES: Wright, Buquet, MikeIs, Dahl, King
NOES: None
ABSENT: None
ATTEST:
J~D~ Flikels, Mayor
Beverly AX. Authelet, City Clerk