HomeMy WebLinkAboutORD 3324• • ORIGINAL
ORDINANCE NO. 3324
ORDINANCF.: OF THE COUNCIL OF THECITY 0~' PALO .~LTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1981-1982
TO PROVIDE ADDITIOINAL FUNDING FOR THE SOLAR LOAN
PROGRAM AND TO INCREASE REVENUE FROM LOAN
APPLICATIONS
WHEREAS, pursuant to the provisions of Section 12 of Article III
of the Charter of the City of Palo Alto, the Council on June 22, 1981,
did adopt a budget for fiscal year 1981-82; and
WHEREAS, the City cf r.alo Alto has established a low interest
solar loan program for residents; and
WHEREAS, the City Council wishes to continue this program through
a loan agreement with the B3nk of America; and
WHEREAS 1 it is necessary to advance the bank's loon origination
£ ee and 1Jrov ide funds for loan application credit and title checks,
which funds will be covered by application fees:
NOW, THEREFORE, the Council of the City of Palo Alto does ORDAIN
as follows;
SECTION 1. 'l'he sum of Four Thousand One HL\ndred Ten Doliars
( $4, 11 0) is appropriated to the Ene t 'JY Conser vat ion subprogram of the
Electric Utility Fund for technical services, estimated revenue in the
Electric Utility Fund is increased by Seven Thousand Four Hundred
Dollars ($7,400) and th~ Reserve for System Improvement in the Electric
Utility Fund is increased by Three Thousand Two Hundred Ninety Dollars
($3,290).
SECTION 2. Th ~ environmental impact asseE".sment which was previ
ously performed wiL' .. not be affected by this change.
SECTION 3. This ordinance shall become effective immediately as
provided 1n Section 12 cf Article III of the Char+:er and Sectir::,n
2.04.375 of the Palo Alto Municipal Code.
INTRODUCED .AND PASSEu: r..ecerrber 21, 1981
AYES: Bechtel, Eyerly, Fazzino, Fletcher, Hen::lerson, Klein, I.Javy
NOES: None
ABSTENTIONS: None
ABSENT: Renzel, Wit',lcrspoon
ATT/} (I J mVc'ie~ '~
APPROVED A _0 FORM:
APPROVED:
le~h. ~~ Vice Mayor .
_/,!'; 0 • ~ l. ~_., (r'J<'~/h·~A city Attorney 7