HomeMy WebLinkAboutResolution No. 01-C0890
RESOLUTION NO. ' '0-1='C 89
0
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA, CALIFORNIA, APPROVING A FIVE MILLION
DOLLAR SET ASIDE OF EXCESS LIGHT AND WATER
DEPARTMENT RETURN -ON -INVESTMENT REVENUE FOR
PUBLIC WORKS PROJECTS
WHEREAS, the City of Azusa owns and operates water and electrical utilities
that are deemed to be enterprise funds; and
WHEREAS, in connection with the prudent operation of utility enterprise funds
the Light and Water Department has set aside reserves which are invested; and
WHEREAS, from time to time the investments of reserve funds perform
exceptionally well; and
WHEREAS, there is a base reserve amount and anticipated investment revenue
that is considered in calculating the actual cost of providing utility services; and
WHEREAS, the higher than expected investment revenue does not impact utility
service rates; and
WHEREAS, in the pursuit of fiscal stability the City Council desires to use $5
million of excess investment revenues for public works,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA,
CALIFORNIA, DOES FIND AND DECLARE THAT:
SECTION 1: Public Works Set Aside. The Finance Director is hereby
authorized to set aside $5 million using excess utility investment revenue. The set aside funds
shall solely be used for public works.
SECTION 2: Effective Date. This Resolution shall become effective upon its
adoption.
PASSED, APPROVED A>PTADOjTP-D this 27 4w�of August 2001.
istina Cruz Madrid
Mayor
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ATTEST:
Vera Mendoza
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I, Vera Mendoza, City Clerk of the City of Azusa, do hereby certify that the
foregoing Resolution No. 01-C89 was duly introduced and adopted at a regular meeting of
the City Council of the 27 day of August 2001, by the following vote, to wit:
AYES: COUNCILMEMBERS: CHAGNON, HARDISON, MADRID, ROCHA,
STANFORD
NOES: COUNCILMEM 3ERS: NONE
ABSENT: COUNCILMEMBERS: N
V Gla 1V1e11uMa
City Clerk
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