HomeMy WebLinkAbout1996-02-12 Ordinance 4328• •
ORDINANCE NO. 4328
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO AI.TO
AMENDING THE BUOOET FOR THE FISCAL YEAR 1995-96 TO
PROVIDE A HOUSING LOAN TO THE CITY MANAGER
WHEREAS, pursuant to the provisions of Section 12 of Article
J.~ of t.he Charter of the CiLy of Palo Alto. the Council on June
1:... 1995 did adopt a budget for fiscal year 1995-96; and
WHEREAS, pursuant to Section I-K of the !4anag~ent Compensation
Plan the Council desires to make a housing loan to the City Manager
in the amount of $240,000; and
WHEREAS, t.he terms and conditions for the loan will be set
forth in a separate agreement subject to Council approval; and
WHEREAS, the loan will be funded from the General Fund Budget
Stabilization Reserve; and
WHEREASf City Council authorization is needed to arnend the
1995-96 budget as hereinafter set forth.
NOW, THEREFORE, the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION 1. The sum 0f two hundred forty thousand dollars
($240,000) is hereby reduced from the General Fund Budget
Stabilization Reserve and added to the Reserve for Notes Receivable
is correspondingly increased for the purpose of funding a housing
loan to the City Manager in that amount.
~.. This transaction will reduce the Budget
Stabilization Reserve from Reserve from $13,518,466 to $13,278,466.
SECTION 3. As specified in Section 2.2B.OBO(aj of the Palo Alto
Municipal Code 1 a two-thirds vote of the City Council is required
to adopt this ordinance.
SECTION 4. The Coun.cil of the City of Palo Alto hereby finds
that the enactment of this ordinance is not a project under the
• •
California Environmental Quality Act and~
environmental impact assessment is necessary.
the:refore, no
SECTION 5. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED: February 12, 1996
AYES: ANDERSEN, HUBER, KNISS, MCCOWN, ROSENBAUM .. SCHNEIDER, SIMITIAN, WHEELER
NOES:
ABSTENTIONS:
ABSENT: FAZZINO
APPROVED AS TO FORM:
~?J.~-
Senior Asst. City Attorney
THIS DOCUMENT IS CERTIFIED TO BE AN
OP.OINANCt: OU!..Y PASSED BY THE COUNCIL
OF THE CIW C;; P:~LO ALTO AND
THERE~.~· fER POST(~ IN (gCf,UNC!L
CHAMB::RS ON ~ I~ (WiTHIN 15
OAVS OF !T~·) PASSAGE)
APPROVED:
Ma~r /I·/ \ f/! i rj / I I '
i -~ ·~tz ere--Manager~ ~ j
V 1 ~I