HomeMy WebLinkAboutRES 961219-ERESOLUTION NO. E
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, AUTHORIZING THE USE OF
SALES TAX REVENUE GENERATED BY POWER
COMPUTING CORPORATION TO REDUCE THE ELECTRIC
FUND TRANSFERS TO THE GENERAL FUND; AND
AUTHORIZING THE MAYOR TO ACT AS THE CITY'S
AUTHORIZED REPRESENTATIVE IN ALL MATTERS
PERTAINING TO THIS MATTER.
WHEREAS, the City of Georgetown has recruited Power Computing Corporation
to locate in Georgetown; and,
WHEREAS, the electric industry is rapidly moving toward a deregulated
marketplace; and,
WHEREAS, the primary motivating factor in the recruitment of Power Computing
was to generate sales tax to eliminate transfers from the Electric Fund to the General
Fund; and,
WHEREAS, Electric Fund transfers beyond the franchise fee and dividend payment
offset almost $0.16 on the tax rate; and,
WHEREAS, eliminating fund transfers with sales taxes will save citizens from future
increases in property taxes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution
are hereby found and declared to be true and correct, and are incorporated by reference
herein and expressly made a part hereof, as if copied verbatim. The City Council hereby
finds that this resolution implements the following policy of the Century Plan - Policy Plan
Element:
1. Economic Development Policy End 1.0, which states: "Georgetown's
economy is self-sustaining though diversified growth, a broad tax
Resolution No. 7���-�7'
Use of Power Computing Sales Tax Revenue to Reduce Electric Fund Transfers
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base with minimal impact from economic fluctuation, enhanced
business opportunity and job creation."
2. Utilities/Energy Policy End 14.0, which states, "Georgetown's utility systems
provide safe and reliable service which meets the needs of all citizens and
promotes the economic health of the community."
.SECTION 2. The City Staff is hereby directed to utilize sales tax revenue generated
by Power Computing Corporation to reduce the Electric Fund transfers to the General
Fund.
SECTION 3. The reduction in said transfers shall be documented and utilized in
calculating electric rate reductions.
SECTION 4. The Mayor is hereby authorized to execute, and the City Secretary to
attest thereto this resolution.
SECTION 5. This resolution shall be effective immediately upon adoption.
RESOLVED this day of vel;11-,42- , 1996.
Approved:
Leo Wo d, Mayor
Approved as to form:
Marianne Landers Banks, City Attorney
Attest:
Sandra Lee, City Secretary
Resolution No. !4 14-19` E
Use of Power Computing Sales Tax Revenue to Reduce Electric Fund Transfers
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