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10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />W-1 <br />IN <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />ORDINANCE NO. 0-08-12 <br />AN ORDINANCE OF THE CITY COUNCIL <br />OF THE CITY OF COLTON, CALIFORNIA, <br />AMENDING SECTION 3(III)(I) OF <br />ORDINANCE NO. 0-09-02 (SECTION <br />3.44.030(111)(1) OF THE COLTON <br />MUNICIPAL CODE) RELATING TO THE <br />ELECTRIC SYSTEM REVENUE FUND AND <br />AMENDING THE AMOUNT WHICH MAY <br />BE TRANSFERRED TO THE GENERAL <br />FUND <br />WHEREAS, the City of Colton ("City") is a municipal corporation, organized and <br />existing under the general laws and the Constitution of the United State of California; <br />and <br />WHEREAS, the City owns and operates and makes expenditures to finance, acquire <br />and construct additions to, maintain, repair and operate its Electric System; and <br />WHEREAS, the City may, from time to time, enter into contracts with respect to said <br />construction and additions to its Electric System; and <br />WHEREAS, the City adopted Ordinance No. 0-21-94 which established an Electric <br />System Revenue Fund; and <br />WHEREAS, the City adopted Ordinance No. 0-13-95 which repealed Ordinance No. <br />0-21-94, and continued the Electric System Revenue Fund and established a flow of <br />funds for the Electric System Revenue Fund; and <br />WHEREAS, in 1995, the City entered into an Installment Purchase Agreement, dated <br />as of October 1, 1995 (the "1995 Installment Purchase Agreement") with the Colton <br />Public Financing Authority (the "Authority") pursuant to which the City agreed to <br />make certain payments thereunder in order to facilitate construction and additions to its <br />Electric System (the "1995 Project"); and <br />WHEREAS, the 1995 Project was financed using proceeds of the $17,585,000 Colton <br />Public Financing Revenue Bonds, 1995 Series (City of Colton, California Electric <br />System Improvements) (the "1995 Bonds"); and <br />WHEREAS, in 1997, the City entered into an Installment Sale Agreement, dated as of <br />April 1, 1997 (the "1997 Installment Sale Agreement") with the Financing Authority <br />for Resource Efficiency of California, pursuant to which the City agreed to make <br />certain payments thereunder in order to facilitate the prepayment of all Purchase <br />Payments (as such term was defined in the 1995 Installment Purchase Agreement) and <br />certain other amounts due under the 1995 Installment Purchase Agreement; and <br />