Resolution No. 4771
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RESOLUTION NO. 4771
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF VERNON CHANGING THE ENERGY COST ADJUSTMENT
BILLING FACTOR CHARGED FOR ELECTRICAL ENERGY
DISTRIBUTED AND SUPPLIED TO ITS ELECTRICAL
CONSUMERS
6 WHEREAS, Ordinance No. 895 provides for an Energy Cost
7 Adjustment Billing Factor and for changes in such billing factor
8 to be made from time to time by resolutions of the City Council
9 Of the City of Vernon when in the City Council's opinion, such
10 changes are necessary for the sound financial position of the
11 Light and Power Operating Funds; and
12 WHEREAS, the Energy Cost Adjustment Billing Factor
13 adopted in Resolution No. 4746 has produced a surplus in the
14 energy cost adjustment account; and
15 WHEREAS, the "Report on Rate Design" adopted by the City
16 Council provides that surplus in the energy cost adjustment
17 account should be considered in determining the Energy Cost
18 Adjustment Billing Factor to be applied in future quarters; and
19 WHEREAS, the projected Energy Cost Adjustment Billing
20 Factor in the wholesale market has been subject to wide
21 variations in the last six (6) months; and
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WHEREAS, the City Council of the City of Vernon deems
it necessary that the Energy Cost Adjustment Billing Factor be
as constant and stable as possible in order to allow the
customers to project their future financial needs; and
WHEREAS, the City Council of the City of Vernon finds
and determines that the accumulated surplus should be credited
to the Energy Cost Adjustment Billing Factor during the next
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1 four (4) quarters.
2 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
3 THE CITY OF VERNON AS FOLLOWS:
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SECTION 1: That the City Council of the City of Vernon
5 finds and determines that the recitals contained hereinabove
6 are true and correct.
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SECTION 2: That the City Council of the City of Vernon
8 does hereby adopt an Energy Cost Adjustment Billing Factor of
9 2.l68~ per Kilowatt-hour on electrical energy sold to its
10 electrical customers.
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SECTION 3: That the effective date of said Energy Cost
12 Adjustment Billing Factor shall be February 12, 1981, and shall
13 continue until rescinded or amended by a resolution of the City
14 Council of the City of Vernon.
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SECTION 4: That this Resolution rescinds existing
16 Energy Cost Adjustment Billing Factor Resolution No. 4746.
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SECTION 5: That the City Clerk of the City of Vernon
18 shall certify to the passage of this Resolution and thereupon and
19 thereafter the same shall be in full force and effect.
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APPROVED AND ADOPTED this 3rd day of February, 1981.
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STATE OF CALIFORNIA
SSe
COUNTY OF LOS ANGELES
I, BRUCE V. MALKENHORST, City Clerk of the City of
Vernon, do hereby certify that the foregoing Resolution, being
Resolution No. 4771
, was duly adopted by the City Council
of the City of Vernon, and was approved by the Mayor of said
City at a regular meeting of the City Council held on Tuesday,
February 3
, 19 81 .
d'~~~
BRUCE V. fl-lALKENHORST, City Clerk
( SEAL)
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