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4 <br />5 <br />6 <br />7 <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: Until June <br />30. 2021, one -twelfth (1/12th) of twelve .,ehA .w:�y nine twenty <br />(42-.3920%) percent of the Electric System's Gross Revenues of the <br />preceding Fiscal Year (less (x) the costs and expenses relating to sales <br />of electricity for resale during such Fiscal Year, (y) contributions in aid <br />of construction during such Fiscal Year and (z) the public benefit <br />charge collected pursuant to Assembly Bill 1890) or all available <br />moneys in the Surplus Revenue Account if less than such amount. <br />After June 30, 2021, the maximum allowed monthly transfer shall <br />revert to one -twelfth (1/12th) of twelve point thirty-nine (12.39%) <br />percent of the Electric System's Gross Revenues of the preceding <br />Fiscal Year (less those costs, expenses, contributions in aid, and <br />public benefit charge identified above) or all available moneys in the <br />Surplus Revenue Account if less than such amount; <br />Section 2. Section 3.44.040 is hereby added to Chapter 3.44 of Title 3 of the Colton <br />Municipal Code and shall read as follows: <br />"3.44.040 — Electric Utility Service Rate Freeze, Exception. <br />(a) For a period of five (5) years from the effective date of this Section, the City <br />Council may not set electric utility service rates for City of Colton customers in an amount <br />that exceeds those rates set by City of Colton Resolution No. R-39-13 (adopted June 18, <br />2013) (the "Rate Freeze"). <br />(b) The City Council may increase electric utility service rates beyond the <br />maximum amount set forth in subsection (a) only by resolution, duly adopted by a <br />unanimous vote of all members of the City Council, and making written findings that there <br />exists an emergency to the City's Electric System that requires such an increase in rates. <br />(c) Upon the fifth (5th) anniversary of the effective date of this Section, the Rate <br />Freeze shall have no further force or effect and the City Council may set increased electric <br />utility service rates as otherwise permitted by law. However, it may not "back -hill" or apply <br />rates retroactively to the Rate Freeze period. <br />(d) As a voter -approved ordinance, pursuant to Elections Code Section 9217, <br />this Section 3.44.040 shall apply notwithstanding any ordinance, resolution or other action <br />of the City to the contrary." <br />Section 3. 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 4. Severability. If any section, sentence, clause or phrase of this ordinance is <br />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 />