Resolution No. 83231
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RESOLUTION NO. 8323
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON REPEALING RESOLUTION NO. 6868, AS AMENDED BY
RESOLUTION NO. 7647, REGARDING POWER RESOURCE COST
REDUCTION ACCOUNT
WHEREAS, on December 17, 1996, the City Council of the City
of Vernon adopted Resolution No. 6868 authorizing the establishment of
la Power Resource Cost Reduction Account (the "Cost Reduction Account")
Ito collect deposits of certain surplus revenues and retire certain
power resource costs, including the City's investment in the Palo
Verde Nuclear Generating Station asset and the various projects,
including the gas turbines, financed through the Independent Cities
Lease Finance Authority; and
WHEREAS, on October 17, 2000, the City Council of the City
of Vernon adopted Resolution No. 7647 amending Resolution No. 6868 to
expand the use of the Cost Reduction Account to include deposits of
surplus revenues and withdrawals to reduce power resource costs
associated with the enterprise operations of the Light & Power
Department to enable the Department to efficiently manage the
acquisition and retirement of its power resources and investments; and
WHEREAS, on November 18, 2003, the Finance Committee
considered the recommendation of Bruce V. Malkenhorst, Director of
Finance, dated November 13, 2003, that Resolution No. 6868, as amended
by Resolution No. 7647, be repealed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF VERNON AS FOLLOWS:
28 11 SECTION 1: The City Council of the City of Vernon hereby
1 finds and determines that the recitals contained hereinabove are true
2 and correct.
3 SECTION 2: The City Council of the City of Vernon hereby
4 repeals Resolution No. 6868, as amended by Resolution No. 7647.
5 SECTION 3: The City Clerk of the City of Vernon shall
6 certify to the passage of this resolution, and thereupon and
7 thereafter the same shall be in full force and effect.
8 APPROVED AND ADOPTED this 19th day of November, 2003.
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11 LEONIS C. MALBLI G, Mayoff
12 ATTEST:
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15 BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution, being Resolution No.
8323, was duly adopted by the City Council of the City of Vernon at a
regular meeting of the City Council duly held on Wednesday,
November 19, 2003, and thereafter was duly signed by the Mayor of the
City of Vernon.
(SEAL)
BRUCE V. MALKENHORST, City Clerk
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