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HomeMy WebLinkAbout1993-03-16; City Council; NS-229; CMC 3.34.010 add - Securities & retentions to be held in trust....i .. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 0 a 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. 1 0 e c i 1 2 n m>- Sw2 d?$% 2::; $Ea5 qn8 non,O Cr'csa: 'wm5 <;mQi 02-1 UU5d 002 Low >2% aoA k 00 3 4 5 6 7 8 9 10 11 12 13 14 15 96 17 18 19 20 21 22 23 24 25 26 27 28 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 2 II