HomeMy WebLinkAboutRes 0098 - Transfer of Funds - Current Expense FundRESOLUTION NO. 98
WHEREAS, THE INVESTMENT FUND of
L.I.D.bonds of 4200.00
Town of Tukwila of 1930, should
and
;1,400.00, which represents seven
denomination of the issue of the
no longer be considered as an asset;
WHEREAS, failure of the town to foreclose on certain properties
brought this situation to its present state; and
WHEREAS, the town failing to excercised ItAlis option of foreclosure
it was excerised by the County, these bonds have become of
questionable value; and
Whereas, the following action was suggested by the State Examiner
in his report of his examination of the records of the Town
of Tukwila on November 7, 1955:
NOW THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
TUKWILA
THAT this Fund be dropped from accounting and the cash assets re-
maining_ in the L.I .D.No 1 irund and L.I.D.Quaranty Fund transfered
to the Current Expense Fund; and that any future remittances from
the County Treasurer as proceeds from county land sales pertaining
to the certain properties mentioned be also credited to the Current
Expense Fund.
PASSED the Town Council and approved by the Mayor this 5th. day of
December 1955.
A test:
Lois T. Newton, Clerk
Chas. U. Baker, Mayor