Resolution No. 5508
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1 RESOLUTION NO. 5508
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF VERNON CHANGING THE ENERGY COST ADJUSTMENT
3 BILLING FACTOR CHARGED FOR ELECTRICAL ENERGY
DISTRIBUTED AND SUPPLIED TO ITS ELECTRICAL
4 CONSUMERS
5 WHEREAS, Ordinance No. 929 ,provides for an Energy Cost
6 Adjustment Billing Factor (l'ECABF") and for changes in such bill....
7 ing factor to be made from time to time by resolutions of the
8 City Council of the City of Vernon when, in the City Council's
9 opinion, such changes are necessary for the sound financial posi-
10 tion of the Light and Power Operating Funds; and
11 WHEREAS, the ECABF adopted in previous Resolution No.
12 5467 has produced a deficit in the energy cost adjustment
13 account; and
14 WHEREAS, Resolution No. 5342, adopted by the City Coun-
15 cil of the City of Vernon on December 16, 1986, provides a
16 methodology to compute the ECABF that reduces the degree of rate
17 fluctuations, includes data from Vernon's resources, and provides
18 a stable ECABF rate level; and
19 WHEREAS~ the City Council of the City of Vernon hereby
20 intends to approve a new ECABF for future time periods in accord-
21 anCe with Resolution No. 5342 in order to allow the customers of
22 the City of Vernon to project their future financial needs in a
23 reasonable manner.
24 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
25 THE CITY OF VERNON AS FOLLOWS:
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SECTION 1; That the City Council of the City of Vernon
27 finds and determines that the recitals contained hereinabove are
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1 true and correct.
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SECTION 2: That the City Council of the City Of Vernon
3 does hereby adopt an ECABF of negative $0.01721 per kilowatt ItOOlr'
4 electrical energy sold to its electrical consumers.
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SECTION 3: That the effective date of said ECABF Bhall
6 be May 1, 1988, and shall continue until rescinded or "i' C 'c
7 amended by resolution of the City Council of the City of Vernon.
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SECTION 4: That effective May 1, 1988, this
9 resolution rescinds existing ECABF Resolution No. 5467.
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 26th day of April, 1988.
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18 ATTEST:. .',
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20 BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
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COUNTY OF LOS ANGELES)
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4 I, BRUCE V. MALKENHORST, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
6 Resolution No. 550~ was duly adopted by the City Council of
7 the City of Vernon, and was approved by the Mayor of said City
8 at a regular meeting of the City Council held on Tuesday,
9 April 26, 1988.
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BRUCE V. MALKENHORST, City
Clerk
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(SEAL)
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