Resolution No. 5285
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RESOLUTION No.~05
RESOLUTION OF THI CITY COUNCIL OF 'l'BE CITY
OF VERNON, CALIFORNIA DETBRIIINING THAT 'l'BE
PUBLIC INTEREST AND NECESSITY DEIIAND 'l'BE
ACQUISITION AND CONSTRUCTION OF CERTAIN
RELATED MUNICIPAL IMPROVEIIBRTS, AND 'l'BE
ISSUANCE OF GENERAL OBLIGATION BONDS F<m
THE FIRANCING THEREOF, IN AN AllOUJr.r ROr TO
EXCEED $150,000,000
The City Council of the City of V,rnon (the .City.) does
hereby RESOLVE, DETBRIIINE AND ORDER as follows:
1. That the public interest and necessity demand the acquisi-
tion and construction by the City of certain municipal
improvements, to wit: certain additions, extensions and
improvements of the electrical power system of the City and
related public improvements.
2. That the estimated cost of said municipal improvements is
$150,000,000. That said municipal improvements require an
expenditure greater than the amount which would be allowed
for such improvements by the annual tax levy of the City
and are necessary and convenient to carry out the objects,
purposes and powers of said City.
ADOPTED, SIGNBD AND APPROVED this 3rd day of June, 1986.
(SEAL)
Attest:
.i?~~
City Clerk