HomeMy WebLinkAbout1996-10-15 Ordinance 4378•
ORDINANCE NO. 4378
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1996-97 TO CREATE
THE SHASTA REWIND PROJECT RESERVE IN THE ELECTRIC FUND
WHEREAS, pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto, the Council on June
24, 1996 did adopt a budget for fiscal year 1996-97; and
WHEREAS, on June 12, 1995, Council approved a contract with the
Department of Energy's Western Area Power "dministration (WAPA) and
the Department of Interior's Bureau of Reclamation for finding of
overdue maintenance work and to increase generator capacity atthe
Shasta Powerplant; and
WHEREAS, this contract obligates the City of Palo Alto to make
revolving loans over a four year period totaling $4,390,000 with the
funds being repaid with interest over a nine year period; and
WHEREAS, the Electric Rate Stabilization Reserve wi .._1 need to
be reduced to establish the Shasta Rewind Project Reserve; and
WHEREAS, staff has been advised by WAPA that contract
requirements obligate the City to make $1,451,000 in loans in 1996-
97 and that the City will receive $1,451,000 in loan repayments in
1996-97; and
WHEREAS, City Council authorization is required to amend the
1996-97 budget as hereinafter set forth.
NOW, THEREFORE, the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION 1. The Shasta Rewind Project Reserve is hereby
created.
SECTION 2. The sum of Four Million Three Hundred Ninety
Thousand Dollars ($4,390,000) is hereby transferred from the
Electric Rate Stabilization Reserve to the Shasta Rewind Project
Reserve.
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SECTION 3. The transactions described in section 2 will reduce
the Electric Rate Stabilization Reserve from $17,420,000 to
$13,030,000.
SECTION. 4. The sum of One Million Four Hundred and Fifty
One Thousand ($1,451,000) is hereby appropriated to non -salary
expense in the functional area Supply Resources in the Electric
Fund for loans to WAPA.
SECTION 5. Revenue in the Electric Fund is hereby increased by
One Million Four Hundred and Fifty One Thousand ($1,451,000)to
reflect loan repayments by WAPA.
SECTION 6. As specified in Section 2.28.080(a) of the Palo
Alto Municipal Code, a two-thirds vote of the City Council is
required to adopt this ordinance.
,ACTION 7. The Council of the City of Palo Alto hereby finds
that the enactment of this ordinance is not a project under the
California. Environmental Quality Act for the City of Palo Alto and,
therefore, no environmental impact assessment is necessary.
SECTION 8. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED: October 15, 1996
AYES: ANDERSEN, FAZZINO, HUBER, KNISS, MCCOWN, ROSENBAUM WHEELER
NOES:
ABSTENTIONS:
ABSENT: SCHNEIDER, SIMITIAN
ATTEST: APPROVED AS TO FORM:
enior Asst. City Attorney
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APPROVED:
Deputy City
Administrative
Department
Dire
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