HomeMy WebLinkAboutRes1991-065
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 91-065
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, DESIGNATING $1,500,000 OF THE
GENERAL FUND BALANCE FOR WORKING CAPITAL NEEDS
WHEREAS, it is the intent of the City Council to insure
adequate funding for the legal liability involved in the long term
debt for Employee Annual Leave: and
WHEREAS, it is the intent of the City Council to provide a
reserve for Insurance Claim Contingencies: and
WHEREAS, providing a reserve to cover a minimum of two months'
operating capital is considered a good measure for local govern-
ments:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The sum of One Million, Five Hundred Thousand
Dollars ($1,500,000) is hereby transferred from the General Fund
Balance Account No. 3070 to an account in the General Fund to be
named Designated Funds for working Capital Needs, Account No. 3030.
Section 2. This resolution shall take effect immediately upon
its adoption.
PASSED AND APPROVED by the city council of the city of Seward,
Alaska, this 28th day of May, 1991.
THE CITY OF SEWARD, ALASKA
[J~__[} -t dlltt::::.
DAVID L. HILTON, SR., MAYOR
AYES:
Burgess, Dunham, Krasnansky, Meehan, Sieminski, Simutis,
Hil ton
None
None
None
NOES:
ABSENT:
ABSTAIN:
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 91-065
ATTEST:
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(City Seal)
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APPROVED AS TO FORM:
Perkins Coie, Attorneys for the
city of Seward, Alaska
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Fred B. Arvidson
City Attorney