HomeMy WebLinkAboutRES 1995-33 - Board RESOLUTION NO. 9533
OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CREATING A RATE STABILIZATION FUND WITHIN THE DISTRICT'S
ELECTRIC FUND
WHEREAS the District faces several unknown factors during the next three years, and possibly
beyond; and
WHEREAS these unknown factors will need to be addressed by the District and may require the
expenditure of funds in an amount which is undefined at this time; and
WHEREAS it would be fiscally prudent for the District to be prepared to respond to the unknown
factors by setting aside financial resources in a restricted fund to be used as necessary; and
WHEREAS it is in the interest of the District to maintain its competitive electric rates during the
next three years;
NOW THEREFORE be it resolved by the Board of Directors of the Truckee Donner Public Utility
District that:
• 1. An electric rate stabilization fund is hereby established, and is
intended to be used as further defined below.
2. During 1996 the District Treasurer is directed to deposit into the
fund the amount of five hundred thousand dollars ($500,000) in
monthly amounts of forty-one thousand six hundred sixty-six dollars
and sixty-seven cents ($41,666.67).
3. The cash balance of the Fund shall be invested in the LAIF with the
interest earned being retained in the Rate Stabilization Fund.
4. Any withdrawal or use of the fund, other than investment of the
fund as described in paragraph 3 above, shall be by Board
approval in accordance with the purpose as stated in this
resolution.
5. Transfers from the Rate Stabilization Fund to the Electric General
Fund may be made by the Board of Directors when demands on
the Electric General Fund exceed fund balance in lieu of increasing
electric rates.
6. During the month of January, 1999, the Board of Directors of the
District shall reevaluate the need for the Rate Stabilization Fund
and shall decide its disposition at that time.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on the sixth day of December 1995 by the following roll call vote:
AYES: Aguera, Jones, Maass, Sutton and Hemig.
NOES: None.
ABSENT: None.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By. 12z4ei Gr 'tit
Peter L. Holzmeister, Clerk of the Board
ATTE
! Susan M. Craig, Deputy DistrictClerk
PLH/smc