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<br />RESOLUTION # 05-1569 <br /> <br />"A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />CASSELBERRY AMENDING THE RESERVE FUND BALANCE <br />POLICY; PROVIDING FOR CONFLICTS, SEVERABLlTY AND <br />EFFECTIVE DATE." <br /> <br />WHEREAS, the City of Casselberry needs to modify the Water and Sewer Reserve Fund <br />Policy regarding its unreserved fund balance; and <br /> <br />WHEREAS, the development and use of adequate levels of unreserved fund balance will <br />keep guard against uncertainties. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF <br />THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: <br /> <br />SECTION I. The City Commission hereby approves the modification of the Water and <br />Sewer Fund Reserve Policy from fifteen (15%) to annual increments of two (2%) per year for five <br />years up to a maximum of twenty-five (25%). <br /> <br />SECTION II. The General Fund Reserve Policy remains at twenty-five (25%). <br /> <br />SECTION III. Conflicts. Any actions or policies regarding the Unreserved Fund Balance <br />Policy and the Excess Funds Allocation Policy previously adopted by the Commission in conflict <br />with this resolution are hereby repealed. <br /> <br />SECTION IV. Severabilitv. If any Section or portion of a Section of this Resolution proves <br />to be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the validity, <br />force, or effect of any other Section or part of this Resolution. <br /> <br />SECTION V. Effective Date. This resolution shall be effective immediately upon its <br />passage and adoption. <br />----.. <br /> <br />PASSED and ADOPTED this 11f:!, day of ~"' g , AD 2005. <br /> <br />ATTEST: <br /> <br /> <br />~ffrIJ~ <br /> <br />Thelma McPherson <br />City Clerk <br />