1982 ADJ MTG MIN JAN 13 - Laserfiche WebLink

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ORAL COMMUNICATIONS: 141 Mr. Calvin Wang, City Engineer, spoke to the Council Members advising that this would be his last Council Meeting with the City of Colton, and thanked the City Council for the opportunity of working with them over the past two years. Mayor Pro Tem Hayes wished Mr. Wang good luck in his new position. ADJOURNMENT: Moved by Councilwoman Cisneros, seconded by Councilwoman Garcia and unanimously passed, Mayor Pro Tem Hayes adjourned the meeting at 8:12 p. m., to meet for an Adjourned Regu- lar Meeting on Wednesday, January 13, 1982, at 6:00 p. m., in the Council Chambers of City Hall. WX M. TZVLIQ JANE M. VERALRUD Deputy City Clerk City of Colton Approved this 19th day of January, 1982. ADJOURNED COUNCIL MEETING Q Q JANUARY 13, 1982 In accordance with notice duly and legally given, an Adjourned Regular Meeting of the City Council of the City of Colton was held on the above given date at 6:00 p. m., in the Council Chambers of City Hall, Mayor Gonzales presiding. ROLL CALL: Council Members present were Hayes, Cisneros, Rehrer, Garcia, and Mayor Gonzales. Also present were City Manager Trevino, City Attorney Edwards, and City Clerk Ramos. Electric Utilities Southern California Edison Company City Manager Trevino read his memorandum dated January 12, 1982, referring to correspondence from Gale Drews, Electric Utility Director, and suggested disburse- ment of the funds that the court has awarded the City by virtue of the suite against Southern California Edison Company, the total amount of the refund being $406,636.76. Mr. Trevino continued Staff has reviewed various alternatives presented by Mr. Drews and have also reviewed the possibilities of using these funds for the benefit of the entire community, and Staff is recommending the City Council seriously consider plac- ing the entire amount of $406,636.76 in a high -yield, interest-bearing account, using the interest derived therefrom to offset the monthly fuel cost adjustment charge, so that the monies would be working and the benefits would assist all of the utility customers. Mr. Trevino concluded Staff recommends the City Council direct the City Treasurer to deposit these funds, $406,636.76, in a high -yield, interest-bearing account and use the interest therefrom to offset the monthly fuel cost adjustment charge. -- Mayor Gonzales acknowledged the Members of the Utilities Commission present, Greg Fife, Tony Garite, Danny Carrasco, Robert Blinkinsop, and Aurelio De La Torre. Mayor Gonzales spoke about the various alternatives and uses of the refund from Southern California Edison Company, stating he would like to recommend the City consider paying the fuel cost adjustment deficit in the amount of $160,597.29, and placing the remaining amount of funds into a high interest paying account for possi- ble future refund to our consumers. Councilman Rehrer stated he also felt the fuel cost adjustment deficit should be paid, and send this matter back to the Utilities Commission for a firm recommenda- tion as to the use of the balance of the funds. AN i 1 1182