Item 13 - Escheat Money in Treasury
- AG~NDA REPORT SUMMAU -
-"
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~ ^
INITIATED BY: John D. Fitch, Assistant City Manager~\k
Peggy A. Stewart, Director of Administrative serviC(:)~
DATE: September 26, 1995
SUBJECI': Escheat Money in Treasury
ABSTRACI'
Government codes provide a mechanism for retiring outstanding unclaimed monies.
Council action is required to authorize this process.
ENVIRONMENTAL REVIEW
_ Environmental review is not required for this item under California Environmental
Quality Act guidelines.
FISCAL IMPACI'
The general fund for the City would increase by $S,61S.75 if none of the warrants is
claimed.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council direct staff to escheat the monies listed on
the attached agenda report and return the funds to the general fund.
ACI'lON
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~ AGENDA REPOR1
CITY OF POW A Y
This report is included on the Consent Calendar. There will be no separate discussion of the report prior to approval by the
City Council unless members of the Council, staff or public request it to be removed from the Consent Calendar and
discussed separately. If you wish to have this report pulled for discussion, please fill out a slip indicating the report number
and give it to the City Clerk prior to the beginning of the City Council meeting.
TO: Honorable Mayor and Members~ City Council
FROM: James L. Bowersox, City Mana
,
INITIATED BV: John D. Fitch, Assistant City Manager~
Peggy A. Stewart, Director of Administ tive Services
DATE: September 26, 1995
SUBJECT: Escheat Honey in Treasury
BACKGROUND
Currently the City is holding bond issue interest/principal funds unclaimed for more
than three years.
Government Code Sections 50050 through 50055 have provisions that permit monies
unclaimed for three years to be escheated.
The monies must be noticed in a newspaper once a week for two consecutive weeks. If
the money is unclaimed, on a designated date that is between 45 and 60 days after
the notice the money becomes the property of the City. If the money is in a fund
other than the general fund, the City Council may transfer it to the general fund.
FINDINGS
The City staff has reviewed the list of unclaimed monies and determined that the
funds will have been outstanding for over three years by the date of this report:
.fnn I2i1i ~ Amount
Lester, Helen l Sidney 08/0Z/91 CFD 87 $ 356.Z5
Siegle, Violet V. 08/02/91 CFD 87 356.25
Siegle, Violet V. 02/02/92 CFD 87 356.25
Gordon, Sam l Donna 1Z/15/91 TAB 89 1,900.00
Hunter, Weldon l Mary L. 02/15/92 CFD 88-1 810.00
Hurray, Michael E. l Patricia L. 08/15/91 CFD 88-1 2,025.00
Hurray, Michael E. l Patricia L. 02/15/92 CFD 88-1 2,025.00
Johnson, Kenneth 02/15/92 CFD 88-1 385.00
Tiffin-Clegg, Mary 08/15/91 CFD 88-1 405.00
ACTION:
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SEP 2 6 1995 ITEM 13 ,
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Agenda Report
September 26, 1995
Page 2
ENVIRONMENTAL REVIEW
Environmental review is not required for this item under California Environmental
Qual ity Act gUidel ines""
FISCAL IMPACT
The general fund for the City would increase by $8,618.75 if none of the warrants is
claimed.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council direct staff to escheat the monies listed
above and return the funds to the general fund if the noticed monies are not
claimed.
-- JLB:JDF:PAS:eg
Attachment: Notice of Unclaimed Warrants
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SEP 2 6 1995 ITEM 13
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NOTICE IS HEREBY GIVEN that the City of poway is holding the following unclaimed
Bond Issue Interest/Principal funds for:
Payee Date Issue Amount
Lester, Helen & Sidney 08/02/91 CFD 87 $ 356.25
Siegle, Violet V 08/02/91 CFD 87 356.25
Siegle, Violet V 02/02/92 CFD 87 356.25
Gordon, Sam & Donna 12/15/91 TAB 89 1,900.00
Hunter, Weldon & Mary L 02/15/92 CFD 88-1 810.00
Hurray, Michael E & Patricia L 08/15/91 CFD 88-1 2,025"00
Hurray, Michael E & Patricia L 02/15/92 CFD 88-1 2,025.00
Johnson, Kenneth 02/15/92 CFD 88-1 385.00
Tiffin-Clegg, Mary 08/15/91 CFD 88-1 405.00
It is proposed that the money will become the property of the City unless claimed by
October 31, 1995. FURTHER INFORMATION OR CLAIM on these items may be
obtained at the City of poway Administrative Services Department, 13325 Civic Center
Drive, Poway, California, or by telephone at (619) 679-4304.
Marjorie K. Wahlsten, City Clerk
SEP 2 6 1995 ITEM 13
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