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Home My WebLink AboutResolution No. 97-C005RESOLUTION NO. 97—05 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA, CALIFORNIA, AUTHORIZING THE TRANSFER OF SIX MILLION DOLLARS FROM THE ELECTRIC FUND'S UNRESTRICTED RESERVE TO THE RESERVE FOR STRANDED INVESTMENT AND SETTING ASIDE ANNUAL ELECTRIC OPERATING NET INCOME FOR STRANDED INVESTMENT WHEREAS, the California Legislature has enacted Assembly Bill 1890 which restructures the electrical services industry in California for investor-owned utilities ("IOU's") and municipally owned utilities; and WHEREAS, the Legislature requires IOU's to provide direct access to alternative electricity suppliers for all of their customers no later than March 21, 2002, and permits IOU's and municipal utilities to recover certain costs resulting from industry restructuring; and WHEREAS, the California Public Utilities Commission and the Federal Energy Regulatory Commission are currently engaged in proceedings to establish a restructured industry and a regional power pool, which proceedings may, in part identify other costs; and WHEREAS, the City has already procured power resources to serve its existing customers for years in the future and the wholesale prices for these energy resources are projected to be greater than the market retail price; and WHEREAS, the City must establish adequate cash reserves to mitigate financial impacts of the restructuring; and WHEREAS, the City Council has adopted an ordinance creating Section 78-40 of the Azusa Municipal Code which creates the Reserve for Stranded Investment to accumulate adequate cash reserves, NOW, THEREFORE, be it resolved by the City Council of the City of Azusa as follows: Section 1. On January 16, 1997, the director of finance shall transfer Six Million Dollars ($6,000,000) from the City's unrestricted reserve in its Electric Fund to the Reserve for Stranded Investment created in accordance with Section 78-40 of the Azusa Municipal Code (the "Reserve"). Section 2. On or before June 30, of each year, beginning in the 1996-97 fiscal year, the director of finance, in consultation with the director of the light and water department, shall transfer electric operating net income into the Reserve. Section 3. In accordance with subsection (g) of Section 78-40 of the Azusa Municipal Code, all activities pertaining to the Reserve shall be reported in the City's annual financial report and the director of finance and the director of the light and water department shall make a written report on the Reserve to the City Council on an annual basis. Section 4. The City Clerk shall certify the passage and adoption of this Resolution and the same shall take effect on January 15, 1997. 0 0 PASSED, APPROVED AND ADOPTED this 13 day of January , 1997. Mayor I HEREBY CERTIFY that the foregoing Resolution No. 97-05 was duly adopted by the City Council of the City of Azusa, at a regular meeting thereof, held on the 13 day of January , 1997, by the following vote of the Council. AYES: CITY COUNCIL MEMBERS: Hardison, Madrid, Naranjo, Beebe, Alexander NOES: CITY COUNCIL MEMBERS: None ABSENT: CITY COUNCIL MEMBERS: None CLER APPROVED AS TO FORM: CITY ATTORNEY 0 WARRANT REGISTER#12 FISCAL YEAR 1996-97 WARRANTS DATED 12-12-96 RESOLUTION NO. 97—C4 COUNCIL MEETING OF 01-06-97 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA ALLOWING CERTAIN CLAIMS AND DEMANDS AND SPECIFYING THE FUNDS OUT OF WHICH THE SAME ARE TO BE PAID THE CITY COUNCIL OF THE CITY OF AZUSA does resolve as follows: SECTION 1. That the following claims and demands have been audited as required by law and that the same are hereby allowed in the amounts and ordered paid out of the respective Funds as hereinafter set forth: 101 General Fund 266,223.83 115 Transportation/Proposition A Fund 740.13 117 Transportation/Propostition C Fund 2,976.88 118 Community Development Block Grant Fund 50.00 119 Dwelling Tax Fund (Quimby Act) 0.00 121 Senior Nutrition Fund 2,964.46 125 Headstart Fund 6,825.32 127 Air Quality Improvement Fund 0.00 128 State Grants & Seisures 5,623.88 220 Capital Projects Fund 113,969.33 231 Consumer Services Fund 7,067.61 232 Water Fund 98,995.99 233 Light Fund 18,677.36 234 Sewer Fund 45.00 235 Azusa Valley Water Fund 106,619.37 241 Employee Benefits Fund 73,292.72 242 Self Insurance Fund 23,827.82 243 Central Services Fund 14,933.73 261 Special Deposits Fund 747,343.91 403 Azusa Public Financing Authority Capital Projects Fund 0.00 501 Redevelopment Administration Fund 250.00 Total $ 1,490,427.34 SECTION 2. That the City Clerk shall certify to the adoption of this resolution and shall deliver a certified copy thereof to the City Treasurer and shall retain a certified copy thereof in his own records. ADOPTED AND APPROVED this 6th day of January 1997. y Nf!kYOR I Hereby certify that the foregoing resolution was duly adopted by the City Council of the City of Azusa at a regular meeting thereof held on the 6th day of January 1997 by the following vote of the Council: AYES: COUNCILMEMBERS: MADRID, BEEBE, NARF:NJO,. ALEXANDER,._ .n-^ NOES: /% COUNCILMEMBERS: NONE/ ABSENY" A(_',O1dNCIItMFMRRRS- H'ARDISON CITY WARRANTS 948751-48761,48782-48787 PRE -DATED WARRANTS #48762-48763,48788-48790 SPOILED DOCUMENTS WARRANTS #48764-48781,48791-49113 COMP WRITTEN CITY OF AZUSA FINANCE-FA310H PRELIMINARY HANDWRITE CHECK REGISTER PAGE DATE 0001 12/30/96 TIME 16:45:47 FOR 12/30/96 PAY VENDOR NAME VNO R ACCOUNT NUMBER TRN R AMOUNT INV/REF DATE POR CHK N DESCRIPTION PROJ $ ACCOUNT DESCRIPTION AMOUNT UNENC H COLE *BREWER 01626 128-400-1611-6235 00012 $408.70 12/04/96 48759 C.SREWER/TRA.ADV.12-96TRF.SFTY 901920 POLICE OPNS /MEETINGS 6 CONFERENCES $0.00 www VENDOR TOTAL++•srsakk+eksws+swwsskesses►sssrsss+westsas►wsssssswsssaakssse+tasss s- 1408.70 H CITY OF AZUSA PAYROLL ACCOUNT 00355 261-205-0000-2760 01029 $1,451.75 12/12/96 48787 AZ.PRY/NET PYROLL PRN26/96 /WAGES 6 SALARIES PAYABL 10.00 H CITY OF AZUSA PAYROLL ACCOUNT 00355 261-205-0000-3001 00914 $211.27 12/12/96 48787 AZ.PYR/FED TAX PR$26/96 /TAXES PBL/WITHHELD/FED $0.00 • H CITY OF AZUSA PAYROLL ACCOUNT 00355 261-205-0000-3003 01202 $50.86 12/12/96 48787 AZ.PYR/FICA TAX PRS26/96 /TAXES PAYABLE/FICA 90.00 H CITY OF AZUSA PAYROLL ACCOUNT 00355 261-205-0000-3005 01095 147.81 12/12/96 48787 /TAXES PBL/WITHHELD/STAT $0.00 AZ.PYR/STATE TAX PR$26/96 rr» VENDOR TOTAL *+ss»n»»»assts»»»ssrarsssssrssssssss sasssa+srrssss•ssssnsr»sssss»ss• 11,761.69 H COLLEY FORD INC. 00175 235-400-2200-8592 00001 $19,968.88 12/10/96 48784 COLLEY/'9T FORD RANGER 707500 CAPITAL PRODS /EOT/WATER/TRANSPORTATIO $0.00 nrk VENDOR TOTAL +kww+*tw.r:s swwr.r wrskss■rrkwrrw»►M skswe+sass+*kkkksrtksks►k.tkrswk►sssa $19,968.88 H EMPLOYMENT DEVELOPMENT DEPT 01128 261-205-0000-3005 01092 1176.68 12/11/96 48785 EDD/11-96 ST.TX/AR'0 PR123624 /TAXES PBL/WITHHELD/STAT $0.00 H EMPLOYMENT DEVELOPMENT DEPT 01128 261-205-0000-3005 01093 $18.88 12/11/96 48785 EDD/11-96 SDI TX AR'D PR023624 /TAXES PBL/WITHHELD/STAT $0.00 • wss VENDOR TOTAL wk.wkr»kw rtkkkkr•wrrss♦rkkkktri»k+ti+•rttikw»•tk»•♦krrsktrtttFr»ww►w»k 1195.56 H GREAT WESTERN BANK 00876 101-400-1112-6180 00033 9135.00 12/02/96 48754 GWB/12-96/ADMIN CITY ADMIN OPNS /DEF COMP/EMPR-PAID $0.00 H GREAT WESTERN BANK 00876 101-400-1211-6180 00012 945.00 12/02/96 48754 HUMAN RESOURCES /DEF COMP/EMPR-PAID 10.00 GNB/12-96/H.R, H GREAT WESTERN BANK 00876 101-400-1300-6180 00038 1225.00 12/02/96 48754 GWB/12-96/CITY CLERK CITY CLERK /DEF COMP/EMPR-PAID $0.00 L