HomeMy WebLinkAboutResolution No. UB- 13-C89RESOLUTION NO. 13-C89
A RESOLUTION OF THE CITY COUNCIL/UTILITY BOARD OF THE
CITY OF AZUSA, CALIFORNIA, AMENDING THE FISCAL YEAR 2013-
2014 OPERATING BUDGET FOR THE WATER UTILITY TO PAY FOR
WHEREAS, by law, the City is required to conduct a review of investment earnings or
yields on investments of bond reserve funds every 5 years, or following debt refunding, formally
known as an arbitrage rebate calculation; and
WHEREAS, the review showed that the yield limitation was exceeded for the 2003
Series A Certificates of Participation reserve funds, and as a result, the excess yield must be paid
to the Internal Revenue Service; and
WHEREAS, on June 17, 2013, City Council of the City of Azusa adopted the Fiscal
Year 2013-2014 Operating Budget for Azusa Light and Water, which did not provide for
payment of arbitrage rebate; and
WHEREAS, Azusa Municipal Code Section 2-450 requires that all budget amendments
between $100,000 and $1 million be approved by resolution; and
WHEREAS, an amendment in the amount of $111,641 to the Water Utility Operating
budget will be adequate to pay arbitrage rebate on 2003 Series A Certificates of Participation to
the Internal Revenue Service.
NOW, THEREFORE, THE UTILITY BOARD/CITY COUNCIL OF THE CITY OF
AZUSA, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That the Water Utility Fiscal Year 2013-2014 Operating Budget is hereby
amended in the amount of $111,641, budget expense account number 32-
40-721-530-6613.
SECTION 2. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED and ADOPTED this 25th day of November, 2013.
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, 6seph Romero Rocha
Mayor
ATTEST:
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J ff e L rence Corne o Jfr.
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I HEREBY CERTIFY that the foregoing Resolution No. 13-C89 was duly adopted by the
Utility Board/City Council of the City of Azusa at a regular meeting of the Azusa Light & Water
Utility Board on the 25th day of November, 2013, by the following vote of the Council:
AYES:
COUNCILMEMBERS
NOES:
COUNCILMEMBERS
ABSENT:
COUNCILMEMBERS
- ,.
GONZALES, ALVAREZ, ROCHA
NONE
CARRILLO, MACIAS