HomeMy WebLinkAboutCC Res 2855 1979-01-22
Section 26-10 of the Seal Beach City Code provides that
the water rates charged may be set from time to time by
the City Council; and
upon the completion of the payment of the debt and
interest charges from said loan for reservoir
improvements there will be an automatic five cent (5t)
reduction per 100 cubic feet in water rates.
NOW, THEREFORE, BE IT RESOLVED that effective March 1, 1979, the amount
charged for each 100 cubic feet of water shall be 44t with a monthly
minimum charge of $3.08. Be it also resolved the repayment schedule
shall be as follows:
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WHEREAS,
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RESOLUTION NUMBERd8~S
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH, CALIFORNIA, INCREASING WATER
RATES CHARGED FOR CONSUMPTION OF CITY WATER,
AND PROVIDING EMERGENCY FUNDING.
it has been deemed necessary to perform certain improvements
on the City Water Reservoir; and
in order to implement the above improvements. it has been
found necessary for the City Water Utility to borrow from
the Plant and Equipment Fund the sum of $400,000 at seven
per cent per annum repayable over the next seven years;
and
in order to repay the above loan in a timely manner, it is
desirable that the City Water Utility generate an i.ncrease
in revenues commensurate with the amount borrowed; and
it is recognized the water rates currently charged by the
City Water Utility are among the lowest in Orange County;
and
YEAR ANNUAL PAYMENT INTEREST PRINCIPAL
$400,000
1980 $ 80,000 $ 28,000 52.000
348.000
1981 80,000 24,360 55,640
292,360
1982 80,000 , 20,465 59,635
I 232,825
1983 80,000 16,297 63,703
169, 122
1984 80,000 11.838 68,162
100,960
1985 80,000 7.067 72,933
28,027
1986 29,989 1,962 28,027
509,989 109,989 -0-
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Resolution Number ~~:r-
PASSED, PROVED AND ADOPTED by the City Council of the City o~__
Seal ac, California, at a meeting thereof held on the ~
day , 1979, by the following vote:
AYES: Councilmen
NOES: Councilmen
ABSENT: Councilmen
~
Mayor
ATTEST: