The URL can be used to link to this page

Home My WebLink AboutORD 3566i ' "' ' ' ~ " ; ~.·· ~·· .. .. . ORDIMABCB MO. rdl'~ . . ORDINANCE 'IOF ft£ COUIJtlL OP~Ift OF PALO AL!O .U,BNDIIJ(; THE · ~UDG"-' POR t'IIB .FIScAL YBAR 1984-85 -tO. $S.'.fABLISH AIJD PROVl~ AN APPROPRIA'riO. POR A. aB8Dn FOR' UNOERGilOQJID · "SBRVICB COIDIBCI'IOIIS IR ftB BLBCftiC : UTILITY WHEREAS, pur'suant to the provisions of section 12 of Artlclta III of· the Charter of t·he City of Palo Alto, the Council on J'u~e 25, · ,,. •• did· adopt a budget for fiscal year 1984-85; and · ·: .. : · WHEREAS,. on Januat'Y 241 19831 the Council of tbe City of Palo Alto· established Underground Utility District No. 24i and WHER~AS, The Council of the City of Palo Alto desires to finance this util it.y undergt·ound assessment district in 1 ieu of the issuance of bonds; and WHEREAS, there are sufficient funds within the Electric IJtility's Sy&tem Improvement Reserve for financing the uooerground assess.ent loans; NOW, THEREFORE, the Cout'!cil of the City of Palo Alto dOES OllDA.IR as follows: ' · SECTION 1.. A Reserve for Underground Servlc~ Conn1!ctioris in . tbe amount of one· Hundred Forty-seven Thousand fl'ouc l.r...-ndced ninety-seven 'L"<?llar5 ($147,497) is hereby established in .thr.! Electric Utility aDd. tt.e~' .. Reserve foe systea I•prove.ent ih tbe Electrie Utility is e0,jy~ spuneli.ngly decrea·sl!!d.. .·. .: , ;. ·. / '-:· I ' .• ,•. ·,· " • 11,. \_ . I • ' ' . :, ' ".· '', SECTlON_d~ Interest earkaed on the caeh ba~anc.-e of the Re"~e for 'Qt).det:groulld/S-rvice Connections and 'int•x:-e~.t. received on the loans fro. .· ·_.the Reserv.e ·for· Underground ·Service ~tioft8 will be cred.i ted t~ t.lae · ,.:.):~serve for Syste. Iaproveilent in tb4f 11.Ctr1~ Utility. 'i. \ . ·.· ' . . . ,· '"' ·.· ·': :;, • ' . . :: .. •. . . ' . < • \: :; '' ' .. ·. ' · s·BGTION. l~. ftl•·., council: f!,Dds tbat' tbi~~··:project .is. c•teg.;)~:icallJ exempt··'l~Qi';·t.ii~: ~~u·~( ... lit:s olf t:tae ·.california· , .. Ba•tro..ental · ~it7 .. I 1'. ·,·; 1 I ! Act •.nQ.:·doe• not requt'te· an :9DYiro.-·nt.al aaaea ... at. · · ..... . . ·, ~·· --~~., ;'~· .. ·.··· : .. ~.· ... ·;· .. ·.:'.' ·:~:' '';":··. _. ·. '•, ,, ·, ·. :' · .. ' ·: .. ·,. ··~' .. · . sscTio~\ .. ~. Th;a ~~f:'!'lnance:"sball ~ effec~iv~r -~,t·~'l! ... p?:ovide4 (~,~~·~;1~~~ .. 1~ ·::c?f ~rticle III of t.be aa·&t~er e~: 8!~1~. :.· 2. 04.375, ()f the P~lCt·':~lto f«t;~nt:c:ipal CQde •. · .· . ·· , AYES; Bech.tel, Cobb, Fle~(h~f; Klefn, Levy, Re:u:el. Sutor1u$, W1therspoon, Wcc:.ll~y No~a · ABSTStiTlONS: None .ABSENT: · Nor.e .. I.·· . ~ : . ,'' '.' . . . ,·• ., 1",,, • • APP~~D AS To FORM: ,, '4 ·g;. ... .-• ' '' ,' ' . ' . ' , . . • . : . ,.e.l ·. . •. : .. L:/ ctfJ:j .. ff?fm'feY-·•~ ,I·, .. -., .··,.._ ' ·_ ,,. ·<·' I:· .. ·' :._-. ·, ; ... <;-.; ·.·ail:H~•· ,. ·'·J·f _;,F' '.,' '·_.:_.· ..