Resolution No. 5588
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RESOLUTION NO. 5588
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 ("ECABF") 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 ECABF adopted in previous Resolution No. 5563 has
produced a deficit in the energy cost adjustment account; and
WHEREAS, Resolution No. 5342, adopted by the City Council of
the City of Vernon on December 16, 1986, provides a methodology to
compute the ECABF that reduces the degree of rate fluctuations, includes
data from Vernon's resources, and provides a stable ECABF rate level; and
WHEREAS, the City Council of the City of Vernon hereby intends
to approve a new ECABF for future time periods in accordance with
Resolution No. 5342 in order to allow the customers of the City of Vernon
to project their future financial needs in a reasonable manner.
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 ECABF of negative $O.OllOO per kilowatt hour on
electrical energy sold to its electrical consumers.
SECTION 3: That the effective date of said ECABF shall be
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February 1, 1989, and shall continue until rescinded or amended by
resolution of the City Council of the City of Vernon.
SECTION 4: That effective February 1, 1989, this resolution
rescinds existing ECABF Resolution No. 5563.
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 24th day of January, 1989.
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ATTEST:
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BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
4 I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon,
5 do hereby certify that the foregoing Resolution, being Resolution No.
6 5588 was duly adopted by the City Council of the City of Vernon, and
7 was approved by the Mayor of said City at an adjourned regular meeting
8 of the City Council held on Tuesday, January 24, 1989.
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BRUCE V. MALKENHORST, City Clerk
(SEAL)