The Council hereby finds and determines that historically the city's financial position has not made nor will make it possible to fully fund all of its liabilities over a given period of time. However, in the interests of prudent and efficient governmental operation and in recognition of sound and acceptable accounting procedures, any new unfunded obligation or the expansion of any existing unfunded obligation shall be presented to the Council for its consideration and appropriate action as either an agenda item at a regular or adjourned regular Council meeting or in a closed session in the event such proposed unfunded obligation is a matter which is so protected by the Brown Act (Cal. Gov't Code §§ 54950 et seq.).
('86 Code, § 3.12.170) (Ord. 4196, passed - - )