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8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />(i) For transfer to the City's general fund, on a monthly basis, in an amount <br />set by the City Council, but not greater than the following: T'n�.-tel I,," <br />30, <br />zn 2021eOne-twelfth (1/12th) of twenty percent of the Electric <br />System's Gross Revenues of the preceding Fiscal Year (less (x) the <br />costs and expenses relating to sales of electricity for resale during such <br />Fiscal Year, (y) contributions in aid of construction during such Fiscal <br />Year and (z) the public benefit charge collected pursuant to Assembly <br />Bill 1890) or all available moneys in the Surplus Revenue Account if <br />less than such amount. After Tune on err„ the maximum allowed <br />monthly transfer shall revei4 to ene twelfth (1/1-2th) of M,ehe peiRl <br />thirty rne (12.391%) pe ,...t of the Eleetfis gyst_W r_ Goss Revenues <br />of the , eeding Fisc,., vee f (les, those eests, expenses,`i <br />ons <br />in aid and publ' benefit w ider ifi ,7 b * all m,ai <br />r b <br />Section 2. Effective Date. This ordinance is subject to a vote of the citizens of <br />Colton and shall take effect, if approved by a majority of the voters voting at such election, <br />ten (10) days following certification of the election results. <br />Section 3. Severability. If any section, sentence, clause or phrase of this ordinance <br />is for any reason held to be invalid or unconstitutional by a decision of any court of competent <br />jurisdiction, such decision shall not affect the validity of the remaining provisions of this <br />ordinance. The People of the City of Colton hereby declare that they would have adopted this <br />ordinance and each section, sentence, clause or phrase thereof, irrespective of the fact that any <br />one or more section, subsections, sentences, clauses or phrases be declared invalid or <br />unconstitutional. <br />Section 4. Certification/Summary. Following certification that the citizens of <br />Colton have approved this Ordinance, the Mayor shall sign this Ordinance and the City Clerk <br />shall cause the same to be entered in the book of original ordinances of said City; and shall <br />cause the same, or a summary thereof, to be published as required by law. <br />