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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-37-95 <br />RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF COLTON, CALIFORNIA <br />a DIRECTING THAT ALL MEASURE I FUNDS <br />Y <br />101u:, BE DEPOSITED INTO A RESTRICTED AND <br />SEPARATE ACCOUNT WITH THE LOCAL <br />AGENCY INVESTMENT FUND <br />WHElEAS, historically the City of Colton has deposited all Measure I funds into its <br />general fund aco nt on deposit with the Local Agency Investment Fund ("LAIF"); and <br />g cp g Y <br />WHEREAS, he restrictions imposed on Measure I funds by the State of California are <br />such that depletion of su h funds for purposes other than those strictly authorized by law may <br />result in the State of Cali rnia refusing to deposit such funds with the City until after <br />appropriate expenditures hav\bn made from other available City funds; and <br />WHEREAS, it is in the best\nterests of the City of Colton to have Measure I funds on <br />hand in advance of expenditure for proper purposes. <br />NOW THEREFORE, the City Council of the", ity of Colton resolves as follows: <br />SECTION 1. All Measure I funds <br />money market account which shall be established by the <br />City Council. <br />be deposited into a separate <br />Treasurer at the direction of the <br />SECTION 2. No Measure I funds shall be deposited into the City's general LAIF <br />account nor shall any such funds be drawn against for any purpose not allowed by the <br />restrictions imposed by the State of California on such Measure I funds. <br />