HomeMy WebLinkAbout1993-03-16; City Council; 12114; ADOPTION OF ORDINANCE NO. NS-229 TO DECLARE A TRUST FOR SECURITIES AND RETENTIONSI
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Cv OF CARLSBAD \
DEPT. HC TITLE: ADOPTION OF ORDINANCE NO. NS-229
MTG.?/lh/! TO DECLARE A TRUST FOR SECURITIES CITY All
DEPT. CLK AND RETENTIONS. CITY MGI
RECOMMENDED ACTION:
Adopt Ordinance No. NS-229, adding Chapter 3.34 to the Carlsbad Municipal Code to
provide that securities and retentions are held in trust for the City of Carlsbad.
AB# la, i IY
ITEM EXPLANATION
Orindnance No. NS-229 was introduced at the regular City Council meeting of March
9,1993. The second reading allows Council to adopt the ordinance which would then
become effective in thirty days. The City Clerk will have the ordinance published in the
"Carlsbad Journal" within fifteen days, if adopted.
FISCAL IMPACT
See Agenda Bill No. 12,100 on file with the City Clerk.
FXHIBIT
1. Ordinance No. NS-229.
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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 ADDITIC' OF CHAPTER 3.34
IN TRUST
WHEREAS, securities and retention of contract fund
DECLARING SECURITIES AND RETEi.Z'IONS TO BE HELD
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 tl
public; and
WHEREAS, securities and retention funds should
considered the property of the City until all obligations to t
City have been satisfied.
NOW, THEREFORE, the City Council Of the City
Carlsbad does hereby ordain as follows:
SECTION 1: That Chapter 3.34 of the Carlsl
Municipal Code is hereby adopted to read as follows:
IlChaPter 3.34
SECURITIES AND RETENTIONS
Section 3.34.010 Securities and Retentions Held
Trust. Whenever security or a retention of funds is requi
under the Carlsbad Municipal Code or under the terms oj contract with the City, that security or retention shall be h in trust for the City of Car1sbad.I'
EFFECTIVE DATE! This ordinance shall be effect
thirty days after its adoption, and the city clerk shall cert
to the adoption of this ordinance and cause it to be publi:
at least once in the Carlsbad Journal within fifteen days a
its adoption.
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INTRODUCED AND FIRST READ at a regular meeting of t
Carlsbad City Council on the 9th day of March , 195
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 ani
Finnila
NOES: None
ABSENT: None
VED AS TO FORM AND LEGALITY
3.87-93*
AL Q*
RONALD R. BALLar;ey
ATTEST: D&k. ---&
ALETHA L. RAUTENKRANZ, City Cler
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