HomeMy WebLinkAboutTC Res 2003-06-18 (7)
RESOLUTION NO. 26-2003
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A RESOLUTION OF THE TOWN COUNCIL OF THE
TOWN OF TIBURON MEMORALIZING A LOAN FROM
THE GENERAL FUND TO THE LONG RANGE PLANNING FUND
WHEREAS, Resolution No. 11-2001 established the Long Range Planning Mitigation
Impact Fee, and
WHEREAS, the Long Range Planning fee was established to provide funding for future
updates to the Town's General Plan, and all revenues and expenditures are recorded in the
Town's restricted Long Range Planning Fund; and
WHEREAS, on October 3, 2001, the Town Council authorized the transfer of$150,000
from the General Fund to the Long Range Planning fund in order to provide seed money for the
General Plan Update, and
WHEREAS, during fiscal year 2003-04 staffhas determined the Long Range Planning
fund will require a loan of $1 00,000 from the General Fund to complete the General Plan update,
and
WHEREAS, it is intended that the Long Range Planning Fund will begin accumulating
unexpended revenues during FY 2004-05, at which time it may begin repaying the General Fund,
I""' NOW, THERFORE, BE IT RESOLVED, that the Director of Administrative Services
shall create a loan receivable in the General Fund in the amount of $100,000 to be paid from the
Long Range Planning Fund.
BE IT FURTHER RESOLVED, that during any fiscal year the Long Range Planning
Fund has sufficient assets, Staff may use any portion of those assets to repay the General Fund,
not to exceed a total of $100,000.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Tiburon on June 18,2003, by the following vote:
AYES:
COUNCILMEMBERS:
Berger, Fredericks, Gram, Slavitz, Thompson
NOES:
COUNCILMEMBERS:
None
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D~ CRANE IA OPI, OWN CLERK