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6A.A. - Page 4 <br />ORDINANCE NO. <br />ORDINANCE OF THE CITY OF REDWOOD CITY ADDING <br />SECTIONS 2.41.13 THROUGH 2.41.15 TO CHAPTER 2, ARTICLE <br />IV, TO THE CITY OF REDWOOD CITY MUNICIPAL CODE TO <br />ESTABLISH: (1) A FIDUCIARY FUND FOR THE RECORDING <br />AND HANDLING OF ACTIVITIES OF THE FUND KNOWN AS THE <br />SECTION 115 TRUST ACCOUNT FUND; (2) A SPECIAL <br />REVENUE FUND FOR THE PURPOSE OF RECORDING AND <br />HANDLING OF ACTIVITIES OF THE FUND KNOWN AS THE <br />OTHER RESTRICTED DONATIONS AND GRANTS FUND; AND <br />(3) A CAPITAL PROJECTS FUND FOR THE PURPOSE OF <br />RECORDING AND HANDLING OF ACTIVITIES OF THE FUND <br />KNOWN AS THE PEG FEES FUND. <br />WHEREAS, pursuant to Resolution No. 15620, adopted September 26, <br />2017, the City of Redwood City ("City") approved the adoption of the Public <br />Agencies Post -Employment Benefits Trust ("Trust") administered by Public Agency <br />Retirement Services; and <br />WHEREAS, the City Council has approved an initial deposit to the Trust in <br />the amount of $10,548,850; and <br />WHEREAS, it is necessary and desirable that a fiduciary fund be <br />established for the deposit of said funds and for the accounting thereof; and <br />WHEREAS, periodically, restricted donations or other revenues have been <br />received from businesses, organizations, or individuals for specific programs or for <br />other purposes; and <br />WHEREAS, it is appropriate to identify and track these restricted donations <br />and other revenues and the associated expenditures; and <br />WHEREAS, it is necessary and desirable that a special revenue fund be <br />established for the deposit of said funds and for the accounting thereof; and <br />WHEREAS, the City receives Public, Educational, and Governmental <br />("PEG") fees from the cable providers operating in the City; and <br />WHEREAS, an expenditure of PEG fees is restricted by federal law; and <br />WHEREAS, it is necessary and desirable that a capital projects fund be <br />established for the deposit of said funds and for the accounting thereof. <br />Page 1 of 3 <br />ATTY/ORD.472/RC ESTABLISHING FIDUCIARY, SPECIAL REVENUE, AND CAPITAL PROJECTS FUNDS <br />REV: 07-12-18 DZ <br />