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HomeMy WebLinkAboutORD 3788. .. Bl'' . ., !: ORfJINANC£ OF THI:. CuUiiCIL OF TH£ CITY OF PALO Al.TO !\.'1E~D INC~ THE SUOGF.T FOR THf. FI SC:\.L YEAR 198 i' -SB TO XNCREA~E TH£ RESERVE FOR UNDERGROU~D SERYJCE COHN~CfiONS It~ THE. GCCTR!C l!llLlr'f ~~rlfRU\S.1 !.JlW~;ll<.J.nt tt.J t.h<1 pr:Jv·i·d~!i'IS of S-3ct:!on 12: (If fiyt'{de Xil c:1f the Chart~ r l) f· the City of ?a. 1 o A I to" t!J\'~ Cow ncr! on .Jwt~~ r~i~. V~l'i1 did a.{h}p t ::. tud9e t fpr fisca·i year· l9ill·,B8; and WK£RE.d.~·~ th8 Councn (:Stf.\01·ishe;:\ Util\·ty Undorgrov.nd As/~(':·ssntent Di~ttiGt No. '_i.:! ,..._ __ ~:-~: .. ~.-~t.~. ~'.!! 1 ()fj''J' :."\ ~·j.-1 ...)\ . ..r UJt I ;.U..\ l.,.;J -;.; ... ? :l .·~ .('~' r 1 '•·1 >'i'-~ WHf:.R£AS, the Council d~:ritE::S to fi;1;J.nce thi~ 1Jt1Hty UncterqrollnO ASS(!~SiOOflt D1striet !n lieu of is~uanc(~ uf bonds; and WHERi~AS, tllei"e 3.i~e sufficient funds within the Electric Ut.llH.y's Sy5tr-:m Improverr:>fi~nt ReG,ervc: for financing th0 tlndergrouna assessme-nt 1iJ.1!1So HOW. THI::Rf.FORE~ the Council of the C!ty of !>.~lo AltoM~~ .')rd~~r. ~.-:; fu11 OW$: SECTIOfi L :::nc l<eserve for Underground SP.nticc ~onnectfons h .the Electric utntW'.'fs 1 oc·r~e:s·~d< by One Hundred Sixty Four Thi'Jus~rid, ·One Hundred.·Twt:\ .ounars. {$164,10~.) anq t~~ Res~,rye for System lllprovement in tne Electric ~~~iHty ls ·· corMsponcUngiy decr~asei~ · ·, · · . ·.·SECT!O'~ z. . Interest earried o~ th~ cash balance of the. Re~'rve for u~.rgrourid.Sirvicre t;Qnnectit:ns ;Jnd ·intere~t ~c:ei.v~\1 on w 1~ns frOf!l the .. : ',, .IJtesei'"Je for o~rgrdu~. ~i"V1 ce. Cormecti~R$,_Wi.1, ·be credi te4 ~· ~he R!lse~ve f(,r ·systeBJ'IPrQVetael'tt ·in the ~1ettric UtiH·ty;· ·. · . .. .. · ,, . ~ '' ' . ' . .. . ' ; SECT'lOM 3 •. ·• ·n,e Cot.~_~CH finds ttJat t!li~ prQJe~t.'fs c~te9~·~·~~~.i1~ e~,~t fo~· ·· pu~~~-s ~rtr.t! Califg~rt1a Envit;,~nta1 Quai'fW·,\ct·~na;: ·t.rter~fof'e, no: .. ~rwiro~n~1 a~s~~$~r;t h nec~S$rH·y~ · ':, ) ' '~~ •. I '' ·,· . ;.~·,-.:. ,I' ::· ,' ' ·., .. ,'1•. ' ~ ' ' ,, •... ,;·,:_., I ' ~·· ',, :'·' January 11, 1989 -.--·"'..._ AVES: Becb.t.el; Cobb, Fletcht1r, Levy, Rer~zel i · Sutor:·ius ;;· Wo¢il1ey. NOES : Nortt;~ ASSTEiH W~~S: ?fititucci M3SCNT: / -, ... /, { ·, ;• ,, \,\ .. -::cOlNCi ont:UMH-<'( iS <;~~lTli=IED' · .. ··· ,. ·· .. (.'?" f"'" "''-'"'! '"lG!~'!'I~ '\ -.... : ··-·.1 ''d~"' , .... , .. \wflt "' ..... \ !' •-' ()1'::ir .... C: \\ ot·;._, ,-,,~...,., •. ~ "'•I ,, ' ,)..~"1'1.1,":) ' .. ,. ' ~"·· ~,I.J'. ~ , . : ·;_!li( <Y.TV 01-' .-Al.O AtfC '\ :•>~~~ nncL;~ ~e;~Jity 1iw l~r;;oing !:; lru<~o •''I .,, I ·'' ··---) ) ' ---~--- I •:/!.,. ' .. Signature · ' ' ,,. . '\ ' . ' ' ·,_ ,, 'r"; .. '--