HomeMy WebLinkAboutCC RES 76-131296
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RESOLUTION NO. 76- 131
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN OF COMMITMENT TO ESTABLISH A CAPITAL
OUTLAY FUND
1. The City Council finds and determines that-
a. Title 5, Division 2~ Part 1, Chapter 4, Article
4 (Sec. 53730 et seq) of the Government Code of th.
State of California authorizes a city to create a
Capital Outlay Fund and to accumulate funds for th.
purpose of capital outlays;
b. Said Capital Outlay Funds may be shown in the City
budget as reserves for future expenditures, in
subsequent years and when shown shall be identifie,
as to purpose;
c. The Capital Outlay Fund shall remain inviolate for
the making of.any' capital outlays and money shall
not be disbursed from the fund except for capital
improvements without the approval of,~ two-thirds
of the voters vOting at an election for such other
purpose;
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d. The area known as the north Irvine Ranch within_. ...... th~
Sphere of Influence of the City of .Tustin, as
approved by the Local Agency Formation Commiss'
requires considerable capital expenditures for
streets, roads, and flood control measures in the
interest of public health and safety; and
e. Said area is now in an agricultural preserve statu:
with contract termination on December 31, 1983,
unless deemed to be in the public interest for
prior development ....
2. The City Council of the City of Tustin hereby' commits
to the establishment of a Capital Outlay Fund with one
of its sub-accounts identified as North Irvine account
to be operated pursuant to the following criteria:
a. Upon annexation of the subject land or portions
thereof that are in an Agricultural Preserve statu:
70% of City General Fund taxes levied upon such .lai
shall be credited to a North Irvine Capital Outlay
Fund account to be expended only for the purpose o:
capital improvements within said area.
b. Said account shall be effective upon annexation of
subject territory, to the City of Tustin and. sh~ .... 1
continue in effect for the accumulation and ex] ad:
ture of funds in subject territory until the e' ac-
tive budget year following the issuance of a struc-
tural permit. Funds accumulated in the account pr'
or %o its termination shall be applied to' capital
projects within the area. Thereafter, funds shall
not accrue to the North Irvine Capital Outlay Fund
Account and taxes shall be levied and appropriated
as provided for ohhe.r properties within the City.
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Resolu'tion No. 76-
11-2_2-76, Page 2
3. The City' Council fur'ther resolves that it shall en-
courage the d~evelopment and improvement of subject_.
area and shall diligently pursue and promote the
means and methods available under law to enable the
subject area to serve the highest public good and
mutual interest of. the land owner and City of Tustin.
PASSED AND ADOPTED at a special adjourned meeting of the
City Council of the City of Tustin, California, held on the 22nd
day of November, 1976..
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· . -' - MAYOR .... X '"
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CITY CLERK ~W ..... -,-~-' ,
298
STATE OF C~%LIFORNIA)
COUNTY OF ORANGE )SS
CITY OF TUSTIN )
~"TH C. POE, C~%y ~~r~ and ~v-of~~o Clerk of the City_
Council of the City of Tustin, California, does hereby
certify that; %he whole number of the members of the City
Council of the City of Tustin is five; that the above and
foregoing Resolution No. 76-131 wag duly and regularly
introduCed, read, passed and' adopt~'--~t a Special _'" meeting
of the City Council held on the 22nd ........ day of~N6vember
1976, by the following vote- '
AYES ·
COUNCILMEN -; Edgar, Schuster, Saltarelli, Welsh _
NOES' COUNCILMEN ' None
ABSENT:
COUNCILMEN '
Sharp
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