HomeMy WebLinkAbout1993-03-16; City Council; NS-229; CMC 3.34.010 add - Securities & retentions to be held in trust....i
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ORDINANCE NO. NS-229
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AMENDING THE CARLSBAD
MUNICIPAL CODE BY THE ADDITION OF CHAPTER 3.34 DECLARING SECURITIES AND RETENTIONS TO BE HELD
IN TRUST
WHEREAS, securities and retention of contract fund
secure the performance of obligations owed to the City; and
WHEREAS, the loss of securities or retention fund
could have an adverse financial impact on the City; and
WHEREAS, the loss of securities or retention fund
could result in a decrease of funds available to serve th
public; and
WHEREAS, securities and retention funds should b
considered the property of the City until all obligations to th
City have been satisfied.
NOW, THEREFORE, the city Council of the City o
Carlsbad does hereby ordain as follows:
SECTION 1 : That Chapter 3.34 of the Carlsbac
Municipal Code is hereby adopted to read as follows:
"Chalster 3.34
SECURITIES AND RETENTIONS
Section 3.34.010 Securities and Retentions Held i: Trust. Whenever security or a retention of funds is require1 under the Carlsbad Municipal Code or under the terms of q
contract with the City, that security or retention shall be heli
in trust for the City of Car1sbad.I'
I EFFECTIVE DATE: This ordinance shall be effective
thirty days after its adoption, and the city clerk shall certif]
to the adoption of this ordinance and cause it to be publishec
at least once in the Carlsbad Journal within fifteen days aftel ,
' its adoption.
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INTRODUCED AND FIRST READ at a regular meeting of '
Carlsbad City Council on the 9th day of March , 19'
and thereafter
PASSED AND ADOPTED at a regular meeting of the C
Council of the City of Carlsbad on the 16th day of March
1993, by the following vote, to wit:
AYES: Council Members Lewis, Stanton, Kulchin, Nygaard anc
NOES: None
Finnila
ABSENT : None
Am VED AS TO FORM AND LEGALITY
kd-c& fh. L
RONALD R. BALL, City Attorney
3.17.73 -
ATTEST : llQa?LA.l22u2dM, ALETHA L. RAUTENKRANZ, City clerk
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