1994 AGN DEC 06 I32 - Laserfiche WebLink

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1 ORDINANCE NO. 0-21-94 2 3 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, ESTABLISHING AN ELECTRIC 4 SYSTEM REVENUE FUND AND ACCOUNTS THEREIN AND PROVIDING FOR THE FLOW OF FUNDS FROM THE 5 ELECTRIC SYSTEM REVENUE FUND 6 7 WHEREAS, the City of Colton ("City") is a municipal corporation, organized and 8 existing under the general laws and the Constitution of the State of California; and 9 WHEREAS, the City owns and operates and makes expenditures to finance, 10 acquire and construct additions to, maintain, repair and operate its Electric System; and 11 WHEREAS, the City may, from time to time, enter into contracts with respect to 12 said construction and additions to its Electric System; and 13 WHEREAS, the City intends to enter into an Installment Purchase Agreement with 14 the Colton Public Financing Authority in order to facilitate construction and additions to its Electric System. 15 16 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES HEREBY ORDAIN AS FOLLOWS: 17 18 Section 1: Definitions: 19 As used in this Ordinance, the terms which are initially capitalized shall, for all 20 purposes, have the respective meanings ascribed to them in the Installment Purchase 21 Agreement, dated as of December 1, 1994, between the Colton Public Financing 22 Authority and the City of Colton or the Indenture of Trust, dated as of December 1, 19941 23 between the Colton Public Financing Authority and the Trustee named therein. Section 2: Fund and Accounts: 24 25 (a) The following fund and accounts are hereby created, each of which 26 is to be held by the Treasurer separate and apart from all other funds and 27 accounts held by the Treasurer: 28 Electric System Revenue Fund and the following accounts therein: