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 Pasadena
 Code of Ordinances
 CHARTER
 Article XIV. WATER AND POWER UTILITY OPERATIONS

  § 1407. ANNUAL CONTRIBUTION FOR MUNICIPAL IMPROVEMENTS AND BOND REDEMPTION.  

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  • Each fiscal year the City Council shall transfer from the Light and Power Fund an amount equal to eight percent (8%) of the gross income of the electric works received during the immediately preceding fiscal year from the sale of electric energy at rates and charges fixed by ordinance. The sum so determined shall not exceed one-half of the net income of the electric works as shown by the books of account of the power utility, after payment of the maintenance and operating expenses of such works, the expense of conducting the power utility, depreciation, and the principal, interest and premiums, if any, upon the redemption thereof, of electric works revenue bonds. Said sum shall be transferred to the General Fund of the City by resolution not earlier than the receipt of the report by an independent certified public accountant on the examination of such books of account nor later than the first day of June next succeeding the date of determination of the amount to be transferred. Nothing herein contained shall prohibit an advance of not to exceed seventy-five percent (75%) of the estimated amount prior to the receipt of the said report.

    Notwithstanding anything herein contained, if the City Council at the time of or before the adoption of the budget shall determine that the transfer of such amount from the Light and Power Fund would be detrimental to the proper functioning and administration of the utility during the budget year under consideration, the City Council may so declare by resolution. In this event no transfer of such amount shall be made thereafter within that fiscal year. If, however, it shall determine that the transfer of an amount less than the eight percent (8%) would not be detrimental to the proper functioning and administration of said utility during the budget year under consideration, the City Council may so declare by resolution and shall transfer the smaller amount.

    The sum thus transferred in any fiscal year shall be expended only for the following purposes and shall be applied first to the payment of interest and principal on any bonds of the City which are or shall become wholly payable that fiscal year out of monies received from general taxes of the City, and second to municipal improvements included in the budget of City for that fiscal year. For the purposes of this section "municipal improvements" are those items included in Section 43601 of the Government Code as of July 1, 1971.

(Sec. 1407 amended by vote of the people 3-9-1993; amended by vote of the people 6-8-1976, effective August 1, 1976; Sec. 1407 amended by vote of the people 6-6-1972.)