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3 <br />t ,4 <br />67 <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- 3 8 - 9 5 <br />RESOLUTION OF THE CITY COUNCIL OF <br />` THE CITY OF COLTON, CALIFORNIA <br />ESTABLISHING POLICY WITH REGARD TO <br />INTERNAL BORROWING FROM <br />ENTERPRISE FUNDS <br />WHEREAS, it has been the practice over the years for the City of Colton to pool all <br />Lived from the electrical, sewer and water enterprises within the City with general fund <br />it has also been the practice of the City over the years to draw down <br />against its generk� d account on an as -needed basis without regard to the source of existing <br />funds on hand at an time thereby resulting in the unaccounted transfer of cash from the <br />enterprise accounts to th 's general fund for use by the City for general fund rather than <br />s <br />enterprise account purposes; , <br />WHEREAS, it is in the t interests of the City of Colton to carefully monitor and <br />account for the use of all enterpris ds so that such funds are available for the enterprise <br />purposes for which such revenues alfteceived when the time comes to make such <br />expenditures. <br />NOW THEREFORE, the City Council of the Colton resolves as follows: <br />SECTION 1. Any borrowing of funds fro terprise accounts shall be approved <br />in advance by action of the City Council and shall be fu ocumented as a loan from the <br />enterprise account involved to the general fund subject to app ate repayment and interest <br />terms and conditions. <br />