Laserfiche WebLink
8/27/2018 <br />ORDINANCE NO. 2452 <br />ORDINANCE OF THE CITY OF REDWOOD CITY ADDING <br />SECTIONS 2.41.13 THROUGH 2.41.15 TO CHAPTER 2, <br />ARTICLE IV, TO THE CITY OF REDWOOD CITY MUNICIPAL <br />CODE TO ESTABLISH: (1) A FIDUCIARY FUND FOR THE <br />RECORDING AND HANDLING OF ACTIVITIES OF THE FUND <br />KNOWN AS THE SECTION 115 TRUST ACCOUNT FUND; (2) A <br />SPECIAL REVENUE FUND FOR THE PURPOSE OF <br />RECORDING AND HANDLING OF ACTIVITIES OF THE FUND <br />KNOWN AS THE OTHER RESTRICTED DONATIONS AND <br />GRANTS FUND; AND (3) A CAPITAL PROJECTS FUND FOR <br />THE PURPOSE OF RECORDING AND HANDLING OF <br />ACTIVITIES OF THE FUND 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 <br />Agency 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 <br />for other purposes; and <br />WHEREAS, it is appropriate to identify and track these restricted <br />donations 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 />ORDINANCE NO. 2452 <br />REV: 07-12-18 DZ MUFF NO. 305 <br />