Modoc County
CA

Resolution
2020-24

Requesting approval of a Resolution authorizing the temporary transfer of funds to the Modoc County Treasurer and Auditor for Fiscal Year 2020-2021.

Information

Department:Treasurer/Tax CollectorSponsors:
Category:Resolution

Attachments

  1. Printout

Body

A RESOLUTION OF THE BOARD OF SUPERVISORS

OF THE COUNTY OF MODOC

AUTHORIZING TEMPORARY TRANSFER OF FUNDS
FOR FISCAL YEAR 2020-2021

 

              WHEREAS, Article XVI, Section 6 of the Constitution of the State of California provides that the treasurer of any county shall have power and the duty to make such temporary transfers from the funds in her custody as may be necessary to provide funds for meeting the obligations incurred for maintenance purposes by any political subdivision whose funds are in her custody and are paid out solely through her office; and

              WHEREAS, Section 25252 of the Government Code provides that the Board of Supervisors may, by resolution, authorize the auditor to transfer money from one fund to another if the Board of Supervisors has authority over each fund; and

              WHEREAS, it is necessary that funds be temporarily transferred from the funds in the custody of the Treasurer for the County of Modoc as necessary to provide funds for meeting the obligations incurred for maintenance purposes by any city, county, city and county, district or other political subdivision whose funds are in custody and are paid out solely through the treasurer’s office; and

              WHEREAS, the Auditor and Treasurer of the County Modoc maintain and will maintain records to track the transfer of funds within the treasury; and

              WHEREAS, all funds within the Treasury are afforded the appropriate interest equal to the interest earned on investments; and

              WHEREAS, all funds temporarily transferred will continue to earn interest on behalf of the entity from which the funds are borrowed.

              NOW, THEREFORE, BE IT RESOLVED, ORDERED AND DECLARED that the Treasurer and Auditor of Modoc County be and are hereby authorized and directed to temporarily transfer said funds to be used for meeting the obligations incurred for maintenance purposes during the fiscal year 2020-2021.  Such temporary transfers of funds to any political subdivision shall not exceed 85 percent of the anticipated revenues accruing to such political subdivision.