O-008-12 -ELECTRIC SYSTEM REVENUE AMENDING THE AMOUNT WHICH MAY BE TRANSFERRED

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10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, the prepayment under the 1995 Installment Purchase Agreement and the resulting refunding of the 1995 Bonds were financed using a portion of the proceeds of the $46,565,000 Financing Authority for Resource Efficiency of California, Certificates of Participation, 1997 Series (Capital Improvements Program) (the "FARECal Bonds"); and WHEREAS, in 2002, the City entered into an Installment Purchase Agreement, dated as of August 1, 2002 (the "2002 Installment Purchase Agreement"), with the Financing Authority, pursuant to which the City agreed to make certain payments thereunder in order to facilitate the acquisition, construction and installation of a generation facility for its Electric System (the "2002 Project"); and WHEREAS, the 2002 Project was financed using proceeds of the Colton Public Financing Revenue Bonds, 2002 Series (Electric Generation Facility Project) (the "2002 Bonds"); and WHEREAS, on July 2, 2002 the City adopted Ordinance No. 0-09-02, which repealed Ordinance No. 0-13-95, continued the Electric System Revenue Fund and established a flow of funds for the Electric System Revenue Fund; and WHEREAS, in the last Recital of Ordinance No. 0-09-02, the City stated that it intended for Ordinance No. 0-09-02 to "amend and replace Chapter 3.44 of the Colton Municipal Code", with Section 3.44.010 being Section 1 titled "Definitions", Section 3.44.020 being Section 2 titled "Fund and accounts" and Section 3.44.030 being Section 3 titled "Flow of gross revenues"; and WHEREAS, while the publisher has not yet published Ordinance No. 0-09-02 as Chapter 3.44 of the Colton Municipal Code, they have assured the City that it will be published shortly; and WHEREAS, the City intends by this Ordinance to amend and replace Section 3(iii)(i) of Ordinance No. 0-09-02 (e.g Section 3.44.030(iii)(i) of Chapter 3.44 of the Colton Municipal Code) to amend the amount which may be transferred to the general fund; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA DOES HEREBY ORDAIN AS FOLLOWS: Section 1. Section 3.44.030 (Flow of Gross Revenues). Section 3.44.030(iii)(i) of the Colton Municipal Code shall be deleted in its entirety and replaced with the following: "(i) For transfer to the City's general fund, on a monthly basis, in an amount set by the City Council, but not greater than one -twelfth (1/12th) of twelve point thirty-nine percent (12.39%) of the Electric System's Gross Revenues of the preceding Fiscal Year (less (x) the costs and expenses relating to sales of electricity for resale during such Fiscal Year, (y) contributions in aid of construction during such Fiscal Year and (z) the public benefit charge collected pursuant to Assembly