R-62-0021
RESOLUTIONS
NO. 2.
•
N°_ 3
WHEREAS, in order to meet a financial emergency it is necessary
to transfer from one or more budgeted accounts to the General Fund the amount
of $35, 000.00 to be repaid not less than $15, 000.00 during the fiscal year
1962-63, not less than $15, 000.00 during the fiscal year 1963-64 and the re-
mainder, if any, during the fiscal year 1964-65 together with interest at three
and one-half per cent per annum on all unpaid balances; and,
WHEREAS, there is $35, 000.00 in the Equipment Replacement Fund
which will not be needed until repaid and can be transferred to the General
Fund without violating the Charter, Ordinances and/or bond issues of said
City; therefore,
BE IT RESOLVED by the City Council of the City of Clermont that
the City Clerk of the City of Clermont is hereby authorized and directed to
transfer from the Equipment Replacement Fund to the General Fund the sum
of $35, 000.00 to cover this emergency and that said sum be repaid to the
Equipment Replacement Fund, together with interest at three and one-half
percent per annum payable annually beginning on or before December 31,
1962, together with $15, 000.00 of the original principal.
BE IT FURTHER RESOLVED that hereafter each Council, in prepar -
ing the annual budget, take into account the replacement of said funds in the
manner provided hereinbefore.
ADOPTED by the City Council of the City of Clermont at its regular
meeting held on August 7, 1962.
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r'hairman of Council