HomeMy WebLinkAboutRES CC 1999 1580 1999 0303RESOLUTION NO. 99 -1580
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA ESTABLISHING AN ENDOWMENT
TRUST FUND.
WHEREAS, the City of Moorpark occasionally receives one-
time payment of funds from developers and other sources;
and
WHEREAS, it is prudent financial planning that one -time
revenue sources not be expended for on -going operational
costs; and
WHEREAS, establishment of an "endowment trust" fund
would generate investment income that could be used for
general purposes of the City as well as provide funding for
one -time capital projects; and
WHEREAS, establishment of such an endowment trust would
provide the City Council and staff guidelines as to the use
of one -time revenues;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That an "Endowment Trust Fund" is herewith
established within the City of Moorpark's Chart of Accounts
as a restricted Special Fund.
SECTION 2. That the revenues received from the
dissolution of the Moorpark Mosquito Abatement District,
from the development agreement with the Moorpark Country
Club Estates project, and the Development Fee referenced in
Section 5.b(4) of the Settlement Agreement and Mutual
Release between Conejo- Freeway Properties, Ltd. and Simi -
Moorpark Freeway Properties Ltd. and the City (the
Carlsberg Settlement Agreement), shall be placed in said
trust fund. The City Council may from time to time
designate other one -time sources of revenue to be placed in
said trust fund.
Resolution No. 99 -1580
Page 2
SECTION 3. That of the investment income earned by
funds in said trust account in an amount equal to two -
percent (20) investment return shall remain in said trust
account. All other investment income earned by the trust
account shall be transferred to the City's unrestricted
General Fund interest account.
SECTION 4. That the principal balance of the trust
account may be expended on any one -time capital expenditure
of community -wide benefit, including but not limited to
city hall improvements, a municipal swimming pool, or other
projects determined to provide community -wide benefit, upon
three (3) affirmative votes of the City Council at a
regular meeting.
SECTION 5. The City Clerk shall certify to the
adoption of this resolution and shall cause a certified
resolution to be filed in the book of original Resolutions.
PASSED AND ADOPTED this 3rd day of March, 1999.
ATTEST:
Deborah S. Traffenstedt, City Clerk
Resolution No. 99 -1580
Page 3
STATE OF CALIFORNIA )
COUNTY OF VENTURA )
CITY OF MOORPARK )
ss.
I, Deborah S. Traffenstedt, City Clerk of the City of
Moorpark, California, do hereby certify under penalty of
perjury that the foregoing Resolution No. 99 -1580 was
adopted by the City Council of the City of Moorpark at a
meeting held on the 3rd day of March, 1999, and that the
same was adopted by the following vote:
AYES: Councilmembers Evans, Harper, Rodgers,
Wozniak and Mayor Hunter
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City
this 19th day of May, 1999.
Deborah S. Traffenste , City Clerk
(seal)