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1 2003, (4) recommended a one percent surcharge on water rates on March 1, 2002 and March 1, 2 2003, dedicated to the water pipeline replacement program, provided that the surcharge will be 3 omitted for that year if Water Utility reserves increase by $1,000,000 or more during the preceding 4 fiscal year, and (5) prepared and recommended a design which provides for full cost of service 5 recovery on a fair and equitable basis for all rate classes; and 6 WHEREAS the Handy -Whitman index published by Whitman, Requardt and Associates is 7 recognized in the utilities' industry as an accurate index of cost increases for utilities; and 8 WHEREAS a public hearing, notice of which was duly published in The Press -Enterprise 9 on January 5, 11 and 14, 2001, was commenced by the Board on the proposed rate increases on 10 January 19, 2001, to receive and consider the staff cost analysis and oral and written comments 11 thereon from the public, and after receipt and consideration thereof the Board concluded the 12 hearing; and 13 WHEREAS, the Board intends to establish a rate increase of 2.4% effective February 28, 14 2001, and two annual rate increases thereafter based on increases in the utilities cost -based Handy - 15 Whitman index plus a one percent per year surcharge dedicated to the water pipeline replacement 16 program which surcharge will be omitted for that year if Water Utility reserves increase by 17 $1,000,000 or more during the preceding fiscal year; 18 NOW, THEREFORE, BE IT RESOLVED by the Board of Public Utilities of the City of 19 Riverside, Califomia, as follows: 20 Section 1: The foregoing recitals are true and correct and are adopted and incorporated 21 herein by reference as findings of fact of this Board. 22 Section 2: On the basis of the staff cost analysis and report and the other evidence 23 submitted by the Department during the Board's public hearing, the Board hereby finds and 24 determines that the increased rates set forth in the Water Rate Schedules attached hereto as Exhibit 25 A and incorporated herein by this reference, are for the purposes of (1) meeting operating 26 expenses, including employee wage and fringe benefits, (2) purchasing or leasing supplies, 27 equipment or materials, (3) meeting financial reserve needs and requirements, (4) obtaining funds City Attorney's omce 3900 Main Street Riverside, CA 92522 (909) 826-5567 -2-