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HomeMy WebLinkAbout1972-186 CCRMember Howard Heck introduced the following resolution and moved its adoption: RESOLUTION NO. 72 -186 RESOLUTION ESTABLISHING A FEDERAL REVENUE SHARING FUND WHEREAS, Section 7 -11 of the City Charter of the City of Brooklyn Center does provide that there shall be maintained in the City Treasury a classification of funds which shall provide for a General Fund for the payment of such expenses of the City as the Council may deem proper, and such other funds as may be required by statute, ordinance or resolution; and WHEREAS, the City Council of the City of Brooklyn Center shall have full authority by resolution to make permanent transfers between all funds which may be created, provided that such transfers are not inconsistent with the provisions of relevant covenants, the provisions of the City Charter, or state statute; and WHEREAS, the Department of the Treasury of the United States has issued regulations governing the fiscal procedures applicable to the use of entitlement funds which the City of Brooklyn Center shall receive under the State and Local Fiscal Assistance Act of 1972 (Title I, Public Law 92 -512), approved October 20, 1972; and WHEREAS, said regulations governing applicable fiscal procedures require the establishment of a trust fund and the deposit of all entitlement funds received into that trust fund; that the trust fund be established on the books and records as a seperate set of accounts and shall be accounted for in a manner customarily followed in accounting for trust or other segregated funds; BE IT THEREFORE RESOLVED by the City Council of the City of Brooklyn Center, Minnesota that there is hereby created a fund to be known as the FEDERAL REVENUE SHARING FUND; and BE IT FURTHER RESOLVED that the fund shall be accounted for in accordance with fiscal regulations issued by the Department of the Treasury of the United States. ATTEST: November 6, 1972 Date The motion for the adoption of the foregoing resolution was duly seconded by member Maurice Britts and upon vote being taken thereon, the following voted in favor thereof: Philip Cohen, John Leary, Vernon Ausen, Howard Heck and Maurice Britts; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.