Resolution No. 4938
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RESOLUTION NO. 4938
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
WHEREAS, Ordinance No. 929 provides for an Energy
Cost Adjustment Billing Factor and for changes in such billing
factor to be made from time to time by resolutions of the City
Council of the City of Vernon when, in the City Council's
opinion, such changes are necessary for the sound financial
position of the Light and Power Operating Funds; and
WHEREAS, the Energy Cost Adjustment Billing Factor
adopted in previous Resolution has produced a surplus
in the energy cost adjustment account; and
WHEREAS, the "Report on Rate Design" adopted by the
City Council provides that surpluses or deficits in the energy
cost adjustment account should be considered in determining
the Energy Cost Adjustment Billing Factor to be applied in
future quarters; and
WHEREAS, the projected Energy Cost Adjustment Billing
Factor in the wholesale market has been and continues to be
subject to wide variations; and
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
28 and determines that the accumulated surplus should be credited
1 to the Energy Cost Adjustment Billing Factor during the next
2 quarter.
3 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
4 THE CITY OF VERNON AS FOLLOWS:
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SECTION 1: That the City Council of the City of Vernon
6 finds and determines that the recitals contained hereinabove
7 are true and correct.
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SECTION 2: That the City Council of the City of Vernon
9 does hereby adopt an Energy Cost Adjustment Billing Factor of
10 -0.776~ per kilowatt hour on electrical energy sold to its
11 electrical customers.
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SECTION 3: That the effective date of said Energy
13 Cost Adjustment Billing Factor shall be September 1, 1982, and
14 shall continue until rescinded or amended by resolution of
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15 the City Council of the City of Vernon.
SECTION 4: That effective September 1, 1982 this
17 Resolution rescinds existing Energy Cost Adjustment Billing
18 Factor Resolution No. 4928.
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SECTION 5: That the City Clerk of the City of Vernon
shall certify to the passage of this Resolution and thereupon
and thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this 17th day of August, 1982.
~dt.~
THOMAS A. YBAR , Mayor Pro
Tem
ATTEST:
J)~~~
BRUCE V. ~mLKENHORST, City Clerk
-2-
1 STATE OF CALIFORNIA )
) SSe
2 COUNTY OF LOS ANGELES )
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4 I, BRUCE V. MALKENHORST, City Clerk of the City of
5 Verno;n, do hereby certify that the foregoing Resolution, being
6 Resolution NO. 4938 , was duly adopted by the City Council
7 of the City of Vernon, and was approved by the Mayor of said
8 City at a.regular meeting of the City Council held on Tuesday,
August 17
, 1982.
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BRUCE V. ~1ALKENHORST,
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Clerk