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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-61-96 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA ESTABLISHING POLICY WITH <br />REGARD TO RESERVE FUNDS <br />WHEREAS, for the first time in many years the City of Colton is in a position to <br />establish reserve funds for specific purposes; and <br />WHEREAS, it is in the best interests of the City of Colton to carefully monitor and <br />account for the use of all reserve funds so that such funds are available for the purposes for <br />which they have been set aside in reserve when the time comes to make such planned <br />expenditures. <br />NOW THEREFORE, the City Council of the City of Colton resolves as follows: <br />SECTION 1. The following reserve fund accounts are hereby created, each of <br />which is to held by the Treasurer separate and apart from all other funds and accounts held by <br />the Treasurer: <br />1. Equipment Replacement Reserve Fund Account: An equipment reserve account <br />shall be established to be funded as set forth in the budget adopted by the City Council for the <br />purpose of purchasing major items of equipment needed by the City, including without <br />limitation, police vehicles, computer replacements and upgrades, riding mowers, pool equipment <br />and any other major equipment purchase in excess of $3,000. <br />2. Contingency (Infrastructure) Reserve Fund Account: A contingency reserve <br />account shall be established to be funded as set forth in the budget adopted by the City Council <br />for each fiscal year for the purpose of replacement of major infrastructure components, including <br />