2002 ORD O-09-02 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ORDINANCE NO. 0-09-02 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, REPEALING ORDINANCE NO. 0-13-95 AND CONTINUING AN ELECTRIC SYSTEM REVENUE FUND AND ACCOUNTS THEREIN AND PROVIDING FOR THE FLOW OF FUNDS FROM THE ELECTRIC SYSTEM REVENUE FUND WHEREAS, the City of Colton ("City") is a municipal corporation, organized and existing under the general laws and the Constitution of the State of California; and WHEREAS, the City owns and operates and makes expenditures to finance, acquire and construct additions to, maintain, repair and operate its Electric System; and WHEREAS, the City may, from time to time, enter into contracts with respect to said construction and additions to its Electric System; and WHEREAS, the City adopted Ordinance No. 0-21-94 which established an Electric System Revenue Fund; and WHEREAS, the City adopted Ordinance No. 0-13-95 which repealed Ordinance No. 0-21-94, and continued the Electric System Revenue Fund and established a flow of funds for the Electric System Revenue Fund; and WHEREAS, in 1995, the City entered into an Installment Purchase Agreement, dated as of October 1, 1995 (the "1995 Installment Purchase Agreement") with the Colton Public Financing Authority (the "Authority") pursuant to which the City agreed to make certain payments thereunder in order to facilitate construction and additions to its Electric System (the "1995 Project"); and WHEREAS, the 1995 Project was financed using proceeds of the $17,585,000 Colton Public Financing Revenue Bonds, 1995 Series (City of Colton, California Electric System Improvements) (the "1995 Bonds"); and 45180839.4 -1-