HomeMy WebLinkAboutOrdinance No. 2021-02ORDINANCE NO.2021-02
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AZUSA,
CALIFORNIA, REPEALING SECTION 78-40 OF THE AZUSA MUNICIPAL
CODE RELATING TO A RESERVE FOR STRANDED INVESTMENT
WITHIN THE ELECTRIC FUND
WHEREAS, in January 1997 the City Council adopted Ordinance No. 97-01 establishing a
Reserve for stranded investment within the Electric Fund; and
WHEREAS, the Reserve was needed at the time in order to mitigate financial impacts of
electricity retail market conditions; and
WHEREAS, under Section 78-40 of the Azusa Municipal Code, the City Council can make
a finding that the reasons for maintaining Rate Stabilization Fund for Stranded Investment are no
longer applicable and direct staff to transfer this special reserve fund into the Electric Fund's
unrestricted reserves; and
WHEREAS, the City Council wishes to repeal and rescind Section 78-40 of the Azusa
Municipal Code, at the recommendation of staff, by reason of the fact that the power resources,
previously considered stranded assets under market condition in the mid 1990's, are now economic
and market conditions have since stabilized, and the Reserve created by said section is no longer
needed.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA DOES
HEREBY ORDAIN AS FOLLOWS:
SECTION 1. Recitals. The City Council of the City of Azusa hereby finds and determines
that the forgoing Recitals of this Ordinance are true and correct and are
hereby incorporated into this Ordinance as fully set forth herein.
SECTION 2. Revealed. Section 78-40 of Chapter 78 of the Azusa Municipal Code,
entitled "Reserve for stranded investment," is hereby repealed in its entirety
and is of no further force or effect.
SECTION 3. Reserved. Section 78-40 of Chapter 78 of the Azusa Municipal Code is
hereby reserved for future use.
SECTION 4. Sev e ra 1) i lity. If any provision of this Ordinance or the application thereof to
any person or circumstance is held invalid, such invalidity shall not affect
other provisions or applications of this Ordinance which can be given effect
without the invalid provision or application, and to this end, the provisions of
this Ordinance are severable. The Utility Board of the City of Azusa hereby
declares that it would have adopted this Ordinance irrespective of the
invalidity of any particular portion thereof.
Section 5. Signature and Attestation. In accordance with California Government Code
Section 36932, this Ordinance shall be signed by the Mayor of the City of
Azusa and attested to by the City Clerk of the City of Azusa.
Section 6. Publication; Effective Date. In accordance with California Government
Code Section 36933, within fifteen (15) days of the passage of this
Ordinance, the City Clerk of the City of Azusa shall cause this Ordinance to
be published, at least once, in a newspaper of general circulation published
and circulated in the City of Azusa, California. This Ordinance shall take
effect thirty (30) days after the date of adoption.
PASSED, APPROVED, and ADOPTED this 3rd day of May, 2021.
1 c-bertGonzales, Mayor
ATTEST:
y
J r a n e Cornejo r.
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I HEREBY CERTIFY that the foregoing Ordinance No. 2021-02, was duly introduced and
placed upon first reading at a Adjourned Regular Meeting of the Azusa City Council on the 26th day
of April, 2021 and that thereafter, said Ordinance No. 2021-02 was duly adopted and passed at a
regular meeting of the Azusa City Council on the 3rd day of May, 2021 by the following vote:
AYES: COUNCILMEMBERS: GONZALES, ALVAREZ, AVILA, MENDEZ
NOES: COUNCILMEMBERS: MACIAS
ABSENT: COUNCILMEMBERS: NONE
6
Je r aw e4IICornejo, Jr
ity Clerk
APPROVED AS TO FORM:
BeABest & Krieger, LLP
City Attorney