HomeMy WebLinkAboutRes1999-021
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[DID NOT RECEIVE SUPPORT OF TWO COUNCIL MEMBERS - FAILED]
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by: Janke
CITY OF SEWARD, ALASKA
RESOLUTION 99-021
A RESOLUTION OF THE CITY COUNCIL OF THE CI OF SEWARD,
ALASKA, TRANSFERRING CHUGACH ELECT ASSOCIATION
CAPITAL CREDITS FOR FY 1999 IN THE AMOUNT F $70,838.00 FROM
THE ELECTRIC FUND TO THE CAPITAL AC ISITION FUND AND
PROVIDING THAT FUTURE CHUGACH EL CTRIC ASSOCIATION
CAPITAL CREDITS WILL BE TRANSFE D TO THE CAP IT AL
ACQUISITION FUND, SUBJECT TO COU IL APPROVAL.
WHEREAS, The Seward Electric Utility, as been receiving capital credits from Chugach
Electric Association (CEA) for several years n ; and
WHEREAS, CEA is a cooperativ which provides a capital credit rebate to its customers,
including wholesale customers like Se d, ten years after CEA closes out the financial operations
for a specific year; and
WHEREAS, CEA rece y sent the Seward Electric Utility a capital credit rebate in the
amount of$70,838.00; and
WHEREAS, Cou cil has been debating the use of these monies; and
WHEREAS, unding has been limited for Capital Equipment, Repairs and Improvements;
and
WHE AS, The City of Seward has many unfunded capital needs that could be funded by
one-time mono s, such as the CEA Capital Credits;
N W, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SE ARD, ALASKA, that:
" Section 1. FY 1999 CEA Capital Credits of $70,838.00 be transferred from the Electric
Enerprise Fund, account no. 501-0-3070-0103 to the Capital Acquisition Fund, account no. 103-0-
3070-0.
CITY OF SEWARD, ALASKA
RESOLUTION NO. 99-021
Section 2. Future CEA Capital Credits will be transferred from the Electric Enterprise Fund
to the Capital Acquisition Fund, subject to Council approval.
Section 3. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 8th
day of March, 1999.
THE CITY OF SEWARD, ALASKA
Lowell R. Satin, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Patrick Reilly
City Clerk
(City Seal)