HomeMy WebLinkAbout4821_CCv0001.pdf RESOLUTION NO. 4821
A RESOLUTION OF THE COUNCIL OF THE CITY OF REDLANDS ESTABLISHING A
POLICY FOR THE CITY TREASURER TO FORMULATE THE DISTRIBUTION OF
INTEREST EARNINGS.
WHEREAS, Section 53647 of the State of California Government Code provides:
(a) Interest on all money deposited belongs to and shall be paid quarterly into the general
fund of , the local agency represented by the officer making the deposit, unless otherwise
directed by law.
(b) Notwithstanding the provisions of subdivision (a), and except as otherwise directed
by law, if the governing body of the local agency represented by the officer making the deposit
so directs, such interest shall be paid to the fund which contains the principal on which the
interest accrued.
WHEREAS, it is desired to formalize that direction for full understanding by all concerned,
NOW,THEREFORE BE IT THEREFORE RESOLVED, that the City Council of the City of
Redlands directs the City Treasurer to distribute interest earnings to the general fund unless
otherwise directed by law.
BE IT FURTHER RESOLVED that the City Treasurer be directed to allocate interest to the
following funds:
Non-expendable Trust Fund
Prospect Park Endowment
Simonds Endowment
Bleche Endowment
Caroline Park Endowment
BE IT FURTHER RESOLVED that the City Treasurer be directed to not charge interest to
funds having a negative cash balance.
BE IT FURTHER RESOLVED that this Resolution be effective July, 1991.
ADOPTED this day of
Mayor of the City of Redlands
ATTEST:
City Clerk