1948-16161
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RESOLUTION NO. 1616
RESOLUTION CREATING PROJECT RESERVE ACCOUNT FOR
CERTAIN FUNDS APPLICABLE TO FEDERAL PUBLIC HOUS-
ING PROJECT.
WHEREAS, the State of California and the City of Anaheim en-
tered into a certain agreement dated August 6, 1947, as amended,
providing for the allocation of State aid for temporary housing
facilities for veterans; and
WHEREAS, Paragraph 14 of the said agreement provides that
ground rental shall be held as a reserve against any operating
deficit or deficits of the project (subject to the right of Local
Agency to expend such sums as may be approved by the Director of
Finance to provide certain insurance on all insurable property on
the project); and
WHEREAS, on June 15, 1948, the State and the City mutually
agreed to an amendment to said agreement in order to provide for
the creation of a separate bank account to be entitled "Project
Reserve Account" in which the City is to deposit the State's share
of the amount received by the City as ground rental, less expendi-
tures by the City for use of the land; and
WHEREAS, said amendment sets forth the purposes of said "Pro
ject Reserve Account the method by which withdrawals may be made
therefrom, and other matters pertaining to the management and ac-
counting of the funds of said project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Anaheim:
1. That there be and there is hereby designated and created
a special separate fund which shall be known as the "Project Reserve
Account in which the State's share of the amount received by the
City as ground rental, less expenditures by the City for use of the
land, and any net revenue from the rental of furniture and equipment
shall be deposited without abatement or deduction by the City.
2. That the Bank of America, National Trust and Savings
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Association, a National bank of Anaheim, California, and a member
of the Federal Reserve System and the Federal Deposit Insurance
Corporation, be and it is hereby named and designated as the deposi-
tory for the State's share of the aforesaid net receipts.
3. That the administration and disposition of said Project
Reserve Account shall be in accordance with the provisions of said
amendment dated June 15, 1948.
4. That H. G. Sohmelzer, Project Manager, and A. G. Tuma,
City Treasurer, be and they are hereby authorized to withdraw funds
from said Project Reserve Account when authorized so to do by the
State Department of Finance.
5. That any funds authorized to be withdrawn from said Pro-
ject Reserve Account shall be withdrawn upon the joint signatures
of the said H. G. Schmelzer, Project Manager, and the said A. G. T
City Treasurer.
The foregoing Resolution is approved and signed by me this
22nd day of June, 1948.
Mayor of the City of Anaheim
STATE OF CALIFORNIA
COUNTY OF ORANGE S8,
CITY OF ANAHEIM
I, CHARLES E. GRIFFITH, City Clerk of the City of Anaheim, do
hereby certify that the foregoing Resolution was passed and adopted
at a regular meeting of the City Council of the City of Anaheim,
held on the 22nd day of June, 1948, by the following vote of the
members thereof:
AYES: COUNCIT.M1 N: Pearson, Pace, Heying and Van Wagoner.
NOES: COUNCILMEN: None.
ABSENT AND NOT VOTING: COUNCIT. ;N: Boney.
AND I, FURTHER CERTIFY that the Mayor of the City of Anaheim
approved and signed said Resolution on the 22nd day of June, 1948.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
seal of said City of Anaheim this 22nd thy of June 1948.
tfr al ffirdr
City f" k of the =t' of Anaheim