HomeMy WebLinkAboutRESO 6390ORIGINAL
RESt)LlJTION NO. 6390 -----
RESOLUTION OF THE CUUNCI L OF THE CI'fY OF PALO ALTO
ESTABLISHING A TRANSFER STABILIZATION RESERVE
WHEREAS, the City of Palo Alto has established system improvement
reserves for its electric, water, and gas utilities: and
WHER~AS, within the contraints of Section 2 of Article VII of the
Charter, the City Council desires to stabilize and control the level of
transfer of utility revenues to the General Fund;
NOW, THEREFORE, the Council of the City of Palo Alto does hereby
RESOLVE as follows:
SECTION 1. There is hereby created among the accounts of the City
a Transfer Stabilization Reserve for the Electric, Water, and Gas Funds
in an amount which w i 11 provide cons is tent, reliable transfer to the
General Fund in accorda~ce with Council policies. Transfer Stabiliza-
tion Reserves shall be operational reserves which shall not exceed 10%
of the curr&nt years' sales revenues of the appropriate utility, and
shall be accounted for or disposed of by action of the Council during
the fiscal year in which revenues are placed therein or in the budget
for the next succeeding fiscal year.
INTRODUCED AND PASSED: May 28, 1985
AtES: Bechtel, Cobb, Fletcher, Klein, Levy, Renzel, Sutorius, Witherspoon, Woolley
NOES: None
ABST8NTIONS: None
ABSENT: None
APPROVED:
Attorney