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Section 8. That the City Council does intend to maintain a <br /> reserve equivalent to approximately seven percent <br /> (7%) of the total combined General Fund and Park <br /> and Recreation Fund expenditures. <br /> <br />Section 9. That the City Council does approve the Transfer of <br /> the Federal Revenue Sharing Funds to be received during <br /> Fiscal Year 1976-77 to the General Fund to be expended <br /> for public safety, and that Gas Tax Funds in the <br /> amount of $197,000. will be retained for street <br /> improvement projects and transfers made to the <br /> General Fund for street maintenance will be made <br /> only to the extent necessary to maintain a seven <br /> percent (7%) reserve, and the transfers are <br /> <br /> b) <br /> <br />Section 10. <br /> <br />DATED: <br /> <br />$98,000. <br />$89,000. <br /> <br />This <br /> <br />approximately as follows: <br /> <br />To General Fund - <br />a) From Revenue Sharing <br />b) From Gas Tax Funds <br /> <br />From General Fund - <br />a) To General Obligation Bond <br />Redemption Fund $66,000. <br />To Gas Tax Funds for <br />interest earned $ 6,000. <br /> <br /> resolution shall become effective <br /> <br />upon its passage and adoption. <br /> <br /> This resolution was adopted on May <br />following vote: <br /> <br />AYES: Herlihy, <br />NOES: Brandes, <br />ABSENT: None <br /> <br />May 24, 1976 <br /> <br />ATTEST: <br /> <br />William H. Edgar, C~ty Clerk <br /> <br />immediately <br /> <br />24, 1976 by the <br /> <br />LeClaire and Mayor Philcox <br />and Mercer <br /> <br /> · PHILCOX, MAY~R <br /> <br />by Doris George, Deputy City Clerk <br /> <br />-3- <br /> <br /> <br />