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RESOLUTION NOo 8')-718
2 A RESOLUTION OF THE CITY OF SAN BERNARDINO CREATING AN ASSESSMENT
DISTRICT RESERVE FUND AND PROVIDING FOR DEPOSITS THERETO,
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WHEREAS, as a result of amending Chapter 12.940020 of the San
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Bernardino Municipal Code, certain moneys will be made available for the
financing of certain Assessment Districts within the City of San Bernardino,
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and
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WHEREAS, such moneys are to be used exclusively for such purposes
and therefor a special fund should be made available for such financing.
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO DOES RESOLVE, AS FOLLOWS:
SECTION 1. There is hereby establ ished in the City Treasury an
Assessment District Reserve Fund to be held in trust solely for the purposes
thereof.
SECTION 2, Deposits into said Assessment District Reserve Fund
shall be made from each financing taken pursuant to Chapter 12094.020 of
the San Bernardino Municipal Code and shall be in the amount of 1% of each
issue of Bonds issued pursuant to said Chapter 12092,020.of the San Bernardino
Municipal Code.
SECTION 3. Deposits into said Assessment District Reserve Fund
shall also be made from the annual assessments, plus interest, if any, of
those Assessment Districts which are financed from said Assessment District
Reserve Fund.
SECTION 4. Deposits into said Assessment District Reserve Fund
shall also be made from any interest earned through investment of said
Reserve Funds, if any,
SECTION 5. The Assessment District Reserve Fund shall only operate
as a reserve fund for the financing of Assessment Districts as authorized by
the Mayor and Common Council and only in such manner as they may direct
1 in the proceedings for the establishment of Assessment Districts.
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SECTIDN 60 That the 1% administrative fee of $137,550.00 as
3 received from the proceeds of the sale of bonds relative to Assessment
4 District No. 961 pursuant to the San Bernardino Municipal Code shall be
5 deposited into said Assessment District Reserve Fund as the beginning
6 balance therefor.
7 I HEREBY CERTIFY that the foregoing resol ution was duly adopted
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by the Mayor and Common Council of the City of San Bernardino at a
reqular meeting thereof, held on the 1st day of
July , 1985, by the fo 11 owi ng vote, to-wit :
AYES; Counc il t4embers Estrada, Reillv. Marks.
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Ouiel. Frazier. Strickler
NAYS: None
ABSENT: Cnnncil MAmher HArnnnc1A7.
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IS
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The foregoing resolution is hereby approved this .;e?Ldjdayof
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11111'
, 1985.
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Approved as to form:
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