Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />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 />ORDINANCE NO. 0-04-16 <br />AN ORDINANCE OF THE PEOPLE OF THE CITY OF COLTON <br />AUTHORIZING A TRANSFER FROM THE CITY'S ELECTRIC <br />SYSTEM REVENUE FUND TO THE CITY'S GENERAL FUND IN AN <br />AMOUNT NOT TO EXCEED 20% OF ELECTRIC SYSTEM GROSS <br />REVENUES UNTIL JUNE 30, 2021 AND REVERTING BACK TO A <br />MAXIMUM OF 12.39% THEREAFTER, AND ESTABLISHING AN <br />ELECTRIC UTILITY RATE FREEZE FOR A PERIOD OF FIVE <br />YEARS, EXCEPT IN CASES OF FISCAL EMERGENCY. <br />(NOTE: additions are highlighted in bold italics and deletions are highlighted in stFikeeut) <br />THE PEOPLE OF THE CITY OF COLTON, CALIFORNIA DO HEREBY ORDAIN <br />AS FOLLOWS: <br />Section 1. Clause (i) of paragraph (iii) of Section 3.44.030 of Chapter 3.44 of Title 3 <br />of the Colton Municipal Code is hereby amended to read as follows: <br />"3.44.030 — Flow of Gross Revenues. <br />The Treasurer shall deposit the Gross Revenues of the Electric System as received in <br />the Revenue Account into a bank account separate and apart from other accounts of the City. <br />On or before the 20th day of each calendar month, the Treasurer shall withdraw the entire <br />amount on deposit in the Revenue Account and shall allocate and deposit such amount in the <br />indicated priority to the following accounts, sub -account and fund: <br />(i) First, there shall be transferred to the M&O Account an amount sufficient for <br />the payment of Maintenance and Operation Expenses for the following month; <br />(ii) Second, there shall be transferred to the Qualified Obligations Account the <br />amount of Qualified Obligation Service necessary to be deposited (assuming <br />equal monthly deposits) such that all Qualified Obligations may be made as <br />scheduled (to the extent not already transferred to such Account in such month <br />or not otherwise on deposit in such Account) or, if less, the entire amount of <br />Gross Revenues then available for transfer, to such Account; and <br />(iii) Third, all moneys remaining in the Revenue Account after the above transfers <br />have been made shall be transferred to the Surplus Revenue Account. Moneys <br />in the Surplus Revenue Account at any time shall be used in the following <br />order of priority: <br />(a) For the payment of all Additional Installment Payments (as defined in <br />the 1997 Installment Sale Agreement) that have accrued or been <br />incurred or that are then due and payable. <br />1 <br />