HomeMy Public PortalAbout98-184 (10-20-98)} RESOLUTION NO. vs-ts4
y ,,:--~, ~ •. ' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
- LYNWOOD'REQUESTING THAT THE WATER
~ ~ REPLENISHMENT DISTRICT REFUND $50,000,000 IN
SURPLUS FUNDS TO GROUNDWATER PRODUCERS iN
- THE DISTRICT OVER THE THREE YEAR PERIOD
`ENDING JUNE 30, 1998.
WHEREAS, the Water Replenishment District is responsible for financing-
- ~ capital improvement projects and water purchases for recharging. the groundwater of
:the Central and West Basins; and .
•~ WHEREAS, the Water Replenishment District~collects an assessment
from groundwater producers for each acre foot of groundwater extracted to finance its A.
activities; and -
' ~`
- ~ WHEREAS,: the Water Replenishment District has collected funds in
excess of its requirements and accumulated a fund surplus in excess of $60,000,000 -
which will approach $70,000,000 by July, 1999; and '
. WHEREAS, the surplus funds held by the Water Replenishment District
were provided by the water purveyors of.the. Central and West Basins; and -
I
. WHEREAS,: prior to 19.92 the Water Replenishment District historically.
operated with a fund balance of $10,000,000 and does not need cash reserves in
~ excesses of that amount.
- NOW; THEREFORE, BE IT RESOLVED THAT-THE CITY COUNCIL OF .
THE• CITY OF LYNINOOD, STATE OF CALIFORNIA DOES HEREBYRESOLVE,
. DECLARE, DETERMINE AND ORDER AS FOLLOWS: .
SECTION 1. That the City of Lynwood request that the Water
_,Re,plenishment District .refund $50,000,000 in surplus -funds to the groundwater -
producers in the district.
- - SECTION 2. That-the refund be based on $70 per acre foot of the actual -
^ water extracted from the basin over the three year period ending June.30, 1998,
SECTION 3. This resolution shall take effect immediately upon. its ~ `
adoption_ ..
r----,
. PASSED, APPROVED.AND.ADOPTED this 20~- th day of October. ; ,
+~
- 1998: .
' •
,
..
• Armando Rea, Mayor
. City of Lynwood -
• .;
. ~ ~
, ,
ATTEST:
~'-~- ~-
Andrea L. Hooper, City Clerk
APPROVED AS TO FORM:
Ci orney
STATE OF CALIFORNiA )
SS
COUNTY OF LOS ANGELES )
Q
~-
Ral avis, Interim City Manager
APPROVED AS TO CONTENT:
oseph Y. Wang. P.E.
Director of Public Works.
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify hat the
above and foregoing resolution was duly adopted by the City Council of said City at a.
regular meeting thereof held in the City Hall on the day of October Zo, , 1 ggg ,
and passed by the following vote:
AYES: couivcz~N $~v, xzcr.~avs, saivc~z, ~yEs
NOES: ivory
ABSENT couivcZt~tty ~
STATE OF CALIFORNIA )
s.
City Clerk, City of Ly wood
SS
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the~City of Lynwood and Clerk of the City Council
of said City do hereby certify that the above and foregoing is a full, true and correct-
copy of Resolution No. v8-i84on file in my office and hat said resolution was adopted
on the date and by the vote herein stated.
Dated this Zoth day of october
1998.
City Clerk, City of Lynwood