Resolution No. 5024
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RESOLUTION NO. 5024
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 No. 4990 has produced a deficit
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
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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 deficit should be debited
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to the Energy Cost Adjustment Billing Factor during the next
quarter.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF VERNON AS FOLLOWS:
SECTION 1: That the City Council of the City of Vernon
finds and determines that the recitals contained hereinabove
are true and correct.
SECTION 2: That the City Council of the City of Vernon
does hereby adopt an Energy Cost Adjustment Billing Factor of
minus'1.026C
per kilowatt hour on electrical energy sold to its
electrical customers.
SECTION 3: That the effective date of said Energy
Cost Adjusting Billing Factor shall be August 1, 1983, and
shall continue until rescinded or amended by resolution of the
City Council of the City of Vernon.
SECTION 4: That effective August 1, 1983, this
Resolution rescinds existing Energy Cost Adjustment Billing
Factor Resolution No. 4990.
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 19th day of July, 1983.
ATTEST: .. h./ /.~~
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BRUCE V. MALKENHORST, City Clerk
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