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I RESOLUTION NO. 2OU3 - 01 <br />2 A RESOLUTION OF THE BOARD OF PUBLIC UTILITIES OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, ESTABLISHING ADJUSTED WATER RATE <br />3 SCHEDULES INCORPORATING A TWO AND NINE -TENTHS (2.9°0) PERCENT <br />INCREASE AS SET BY THE HANDY -WHITMAN INDEX AND A ONE PERCENT <br />4 "ADDER" DEDICATED TO THE WATER PIPELINE REPLACEMENT PROGRAM, <br />AND RECOMMENDING CITY COUNCIL APPROVAL THEREOF TO BE <br />5 EFFECTIVE MARCH 1, 2003. <br />d <br />7 WHEREAS, the City of Riverside ("City") by and through its Public Utilities Department <br />("Department") is obligated to (I) serve its water customers safe, reliable and equitably priced <br />9 water, (2) operate its Water Utility in an efficient and economical manner, and (3) operate, <br />10 maintain and preserve its Water Utility in good repair and working order; and <br />11 WHEREAS, the Department is responsible for operating the Water Utility in such a <br />12 manner that revenues from the sale of water shall at least equal the costs of operation, including all <br />13 <br />maintenance and operating, administrative and general, debt service, capital improvements, tax - <br />I4 related payments and other costs incurred in complying with prudent utility business practices; and <br />15 WHEREAS, an accelerated replacement of the water pipelines in the Water Utility's 800 <br />16 mile water distribution system is necessary to improve fire flows throughout the City and insure <br />reliability of water services; and <br />17 <br />18 WHEREAS, the rates charged for water services are required to be designed on a fully <br />19 allocated basis providing for full cost recovery on a fair and equitable basis for all rate classes; and <br />20 WHEREAS, the City's Board of Public Utilities ("Board") is charged by Section 1202(e) <br />zl of the City Charter to establish the rates for the Water Utility, subject to the approval of the City <br />Council; and <br />22 <br />23 WHEREAS, on February 13, 2001, at the recommendation of the Board and after a proper <br />24 public hearing, the City Council approved a three-year water rate plan, as set forth in City Council <br />Resolution No. 19841; and <br />25 <br />26 WHEREAS, the three-year water rate plan approved cost -based water rate increases, based <br />27 upon the Handy -Whitman index published by Whitman, Requardt and Associates, an index <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909)826-5567 <br />