HomeMy WebLinkAboutReso 1998-19220 RESOLUTION NO. 19220
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA TAKING A POSITION TO "OPPOSE STATE PROPOSITION
9, THE UTILITY RATE REDUCTION AND REFORM ACT OF
1998"
WHEREAS, Proposition 9, The Utility Rate Reduction and Reform Act of 1998,
proposes to:
1. Mandate a 20 percent reduction in electric utility rates for residential and small
business customers
2. Eliminate the current "competition transition charge" which allows investor-
owned utilities to recoup the costs of stranded assets; and
3. Prohibit the investor-owned utilities from charging the costs of a $6 billion bond
issuance to their rate payers
WHEREAS, bond counsel from two of the state's largest firms indicate that passage
of this proposal could detrimentally impact the cost of issuing bonds in California; and
WHEREAS, the Legislative Committee recommends the City oppose Proposition 9,
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby oppose State Proposition 9, the Utility Rate Reduction and Reform Act of 1998.
Presented by Approved as to form by
S Jolfr~ . Kaheny
Mayor ey
Resolution 19220
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 13'h day of October, 1998, by the following vote:
AYES: Councilmembers: Moot, Rindone, Salas and Horton
NAYS: Councilmembers: Padilia
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Sh~JMMayo~r
ATTEST:
~Auth~let, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 19220 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 13th day of October, 1998.
Executed this 13th day of October, 1998.
t , City Clerk