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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 />2:2 <br />2:3 <br />2;4 <br />25 <br />26 <br />2;7 <br />2:8 <br />RESOLUTION NO. R-58-% <br />RESOLUTION OF IN COUNCIL OF THE CIN OF <br />COLTON, APPROVING INTERFUND BORROWING <br />BE LL Cl UNDS AS NECESSARY AT FISCAL YEAR <br />END. <br />WHEREAS, the City ouncil of the 'I�'��olton has adopted a balanced budget <br />for fiscal year 1994-95; a <br />WHEREAS, th8u tains reimbursable grants which requires startup cash <br />borrowings for expend ure d <br />WHEREAS, temporary short fallsXs w sometimes necessitate interfund <br />borrowings from one fund to another; and <br />WH AS, interfund borrowir1gs are reimburs'kd within a 30 day period; <br />N , THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES <br />HEREBY ESOLVE AS FOLLOWS: <br />SECTIO <br />desires to allow interfund borrowings as required at fiscal year <br />end due to aurequirements fo odified accrual basis of accounting. <br />SECTION 2. The interf d borro gs shall affect only those funds which are held <br />in reserve or are sui <br />SECTION 3. <br />es which are not required for immediate disbursement. <br />and borrowings shall not be exceed additional funds <br />pursuant to this resolution other tha <br />revenues and as outlined in Exhibi A" <br />fically drawn from reserve or surplus <br />SECTION 4. All amounts at time owing pursuant to this resolution shall be due <br />and payable no later than 30 days after borrowrn. <br />les a parties have greed to <br />extend such maturity date hereto by official act <br />