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11 <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 />211 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-58-% <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA, APPROVING INTERFUND BORROWING <br />BETWEEN ALL CITY FUNDS AS NECESSARY AT FISCAL YEAR <br />END. <br />WHEREAS, the City Council of the City of Colton has adopted a balanced budget <br />for fiscal year 1994-95; and <br />WHEREAS, the Budget contains reimbursable grants which requires startup cash <br />borrowings for expenditures ; and <br />WHEREAS, temporary short falls of cash flow sometimes necessitate interfund <br />borrowings from one fund to another, and <br />WHEREAS, interfund borrowings are reimbursed within a 30 day period; <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES <br />HEREBY RESOLVE AS FOLLOWS: <br />SECTION 1. the City desires to allow interfund borrowings as required at fiscal year <br />end due to audit requirements for a modified accrual basis of accounting. <br />SECTION 2. The interfund borrowings shall affect only those funds which are held <br />in reserve or are surplus revenues which are not required for immediate disbursement . <br />SECTION 3. The interfund borrowings shall not be exceed additional funds <br />pursuant to this resolution other than those funds specifically drawn from reserve or surplus <br />revenues and as outlined in Exhibit "A" <br />SECTION 4. All amounts at any time owing pursuant to this resolution shall be due <br />and payable no later than 30 days after borrowing, unless the parties have agreed to <br />extend such maturity date hereto by official action. <br />