Vallejo Municipal Code Ch. 3.32 Federal Revenue Sharing Fund

There is created pursuant to Section 713 of the Charter of the city a special trust fund to be known and referred to as the "federal revenue sharing fund" into which shall be deposited all revenue sharing payments received by the city under the State and Local Fiscal Assistance Act of 1972 (Title I of Public Law 92-512; H.R. 14370, as amended by the United States Senate with adjustment as per House-Senate Conference Committee, approved October 20, 1972).

(Ord. 123 N.C.(2d) § 1, 1972.)

Moneys deposited in the federal revenue sharing fund, including any interest earned thereon, shall be expended only in accordance with the laws and ordinances, and procedures promulgated thereunder applicable to the expenditure of the general revenues of the city, and shall be used during such reasonable period or periods as may be provided by regulations issued by the United States Treasury pursuant to law.

(Ord. 123 N.C.(2d) § 2, 1972.)

The procedures utilized by officers and employees of the city in the fiscal management, accounting, and auditing operations pertaining to control and disbursement of the moneys shall conform to guidelines established by the United States Treasury. After reasonable notice, the officers and employees of the city having charge of the books, documents, papers and records relating to the moneys shall, upon authorization of the city manager, make same available to the Secretary of the United States Treasury or the Comptroller General of the United States, or their respective designees, so that compliance with the provisions of the State and Local Fiscal Assistance Act of 1972 may be determined. The city manager or such qualified officer or employee of the city as he designates shall make annual and interim reports as the Secretary of the United States Treasury may reasonably require.

(Ord. 123 N.C.(2d) § 3, 1972.)