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• <br /> 1 <br /> RESOLUTION NO. / 77/4L <br /> 2 <br /> 3 <br /> 4 A RESOLUTION authorizing the Mayor to direct the <br /> transfer of $89 , 000 from the Unemployment <br /> 5 <br /> Compensation Fund (Fund 601) to the Worker' s <br /> 6 Compensation Fund (Fund 503) . Funds to be <br /> 7 transferred are to be utilized for the pay- <br /> ment of Worker 's Compensation Claims . <br /> 8 <br /> 9 WHEREAS , the City on August 28 , 1978 elected by <br /> 10 Ordinance No. 542-78 to create Fund 601 for the purpose <br /> of making payments to reimburse the State of Washington <br /> 11 <br /> Employment Security Division for the actual amount of <br /> 12 benefits paid former City workers ; and <br /> 13 WHEREAS , the City on August 28 , 1978 elected by <br /> Ordinance No. 543-78 to create Fund 503 for the purpose <br /> 14 of making Worker ' s Compensation benefit payments to <br /> 15 employees resulting from injuries on the job to be <br /> 16 effective July 1, 1978; and <br /> WHEREAS, the unencumbered balance of budgeted con- <br /> 17 <br /> tributions which will have accumulated in Fund 601 by <br /> 18 December 31, 197 , will be $320 ,000 and; <br /> 19 WHEREAS , the amount of money which is actually <br /> necessary to be kept in Fund 601 to protect the City <br /> 20 financially from any substantial layoff or change in <br /> 21 employment levels is $200 , 000; and <br /> 22 WHEREAS, the transfer of funds from Fund 601 to <br /> Fund 503 will not result in a fund deficit for Fund 601. <br /> 23 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL <br /> 24 OF THE CITY OF EVERETT: <br /> 25 1. The Mayor is authorized to direct the transfer <br /> of $ 89 , 000 from Fund 601 to Fund 503 . <br /> 26 2. The money which is transferred is to be utilized <br /> 27 for the payment of Worker ' s Compensation Claims . <br /> 28 3 . The accumulated amount remaining in the Fund <br /> 601 will be approximately $200 , 000 as of December 31, 1979 . <br /> 29 Nov, / 7? <br /> PASSED and APPROVED this t/4 da of d-4Re, 1'.r <br /> 30 coca. <br /> 31 <br /> 7 A I Ar--*A41111146 <br /> 32 Council 'resident <br />