CC Resolution 1987-008,4 DATE AGENDAITEM#
* APPROVED oDENIED
oCONTINUED TO
RESOLUTION NO. 87-8
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA APPROPRIATING CERTAIN SURPLUS FUNDS OF
THE CITY OF LA QUINTA GENERAL FUND.
WHEREAS, there exists a development agreement between the City
and Landmark Land Development Company providing that Landmark
Development pay to the City the amount of $200,000. per year; and
WHEREAS, the City has received two such payments from Landmark
Development in fiscal years 1984-85 and 1985-86; and
WHEREAS, the City Council of the City of La Quinta wishes to
designate funds received in the two prior fiscal years for future
capital improvements as yet undetermined.
NOW1 THEREFORE, BE IT RESOLVED by the City Council of the City
of La Quinta, that an Unappropriated Reserve of $400,000. be
established within the accounts of the City and that the
Unappropriated Reserve be so designated in the accounts of the City
in order to reduce the available future financing of the City's
expenditures by such an amount and to preserve the amount for
specific allocations as the Council may hereafter determine.
APPROVED and ADOPTED this 3rd day/of/F February,1*.,%'*
/j4* *
MAYOR
ATTEST:
CITYMAb*AGER/ CLERK
APPRO AS TO RM:
BIB]
06-18-1998-U01
09:38:14AM-U01
ADMIN-U01
CCRES-U02
87-U02
08-U02