HomeMy WebLinkAboutOrdinances Book 10, Page 1107, No Ordinance Number1107
V-
AN ORDINANCE AUTHORIZING THE CITY OF PADUCAH, BY AND THROUGH
WAYNE C. SEATON, ITS MAYOR, TO ENTER INTO AI4D EXECUTE WITH THE KE11jjCKY
UTILITIES COMPANY AN AGREEMENT EXTENDING UNTIL FEBRUARY 19th, 1945
THE TIME FOR CONTINUING NEGOTIATIONS FOR THE PURCHASE OF SAID COMPAly, S
ELECTRIC UTILITY SYSTEM IN PADUCAH, KENTUCKY; AND PRESCRIBING THE
TERMS, CONDITIONS AND AGREEM-14TS UNDER WHICH THE APPOINTMENT OF A
BOARD OF APPRAISERS ':'TILL BE DEFERRED UNTIL THAT DA'T'E;
WHEREAS, on the lst day of December, 1944, the City of Paduc h
gave and the Kentucky Utilities Company received a notice that the ,
City desired to enter into an agreement as to the value of the
electric system owned by the Company in Paducah, Kentucky; and to
purchase all of the facilities of the Company located within the
city, and which are used and useful with the CompanyTs electric
utility business therein; and,
WHEREAS, said notice was given pursuant to the provisions
of S.ction 7 of an ordinance entitled:- "AI ORDIIANCE CREATING A
FRANCHISE OR PRIVILEGE TO FURNISH ELECTRICITY FOR LIGHT, PO'a'JER, HE [
AND ANY OTHER PUP,POSES FOR WHICH ELECTRICITY IS USED IN THE CITY O
PADUCAH, KENTUCKY, AND PROVIDING FOR THE SALE OF, SAID FRANCHIOE OR
PRIVIDEGE", which was adopted by the Board of Commissioners of the
City of Paducah on August 20th, 1940, and the franchise created
thereunder was thereafter sold to the Company and the sale thereof on -
firmed on September 17th, 1940, and also pursuant to all applicable
Provisions of Chapter 18 of the Acts of the General ,issembly of
Kentucky, enacted at its 1942 Regular Session, being Sections 96,55
to 96,900 of the Kentucky Revised Statutes of 1942, and known as
the T.V.A. Act; and,
WHEREAS, by and under the terms of the franchise created by
the aforesaid ordinance, it was provided that if a price shall not
be agreed upon within sixty (60) days after the aforesaid notice
shall be given, a board of Appraisers consisting of two members shall
be appointed, one by the Mayor with the approval of the Board of
Commissioners, and the other by the Company, said appointments to e
made within thirty (30) days after the expiration of the time give
the parties to agree upon the value of said properties; and,
WHEREAS, the time for negotiations expired on January 29th,
194.6; and,
WHEREAS, the Company and the City desire to continue ne3o-
tiations for a further period of twenty (20) days and an extension
of time for that purpose has been agreed upon provided each of the
parties hereto shall appoint an appraiser before 7larch 1st, 1945
Ln the event an agreement as to the fair and reasonable price to b
)aid for said properties shall not be reached as a result of said 1
iegotiations;
1108
NOW 'HEREFORE, •BE IT 013DAIDTED BY TIE BOARD OI' COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
That the City of Paducah, by and through Wayne C. Seaton, its
Mayor, enter into and execute with the Kent-eky Utilities Company
agreement extending until February 19th, 1945 the time for contino
negotiations for the purchase of said company's electric utility s
in Paducah, Kentucky, which agreement shall be in words and figure
as follows: to -wit: -
"NOW THEREFORE, the premises considered, the Company and the
City hereby agree to defer the appointment of a Board of Appraiser;
until February 19th, 1945, and if a price shall not be agreed upon
by that date, said Board of appraisers shall be appointed before
1.Tarch 1st, 1945 for the purposes provided in said ordinance and uni
the applicable provisions of said Act.
"It is further understood and agreed between the parties hereto
that the City, by agreeing to the extension of time aforesaid, does
not waive its option or any right or privilege it acquired under tk
Provisions of said ordinance for the purchase of said Company's
properties; and, except as modified by the provisions of this agree
all of the terms, conditions and stipulations set out in said ordi
shall remain and continue in full force and effect.
"The Utilities Board joins in this agreement for the purpose,
of ratifying and confirming and does hereby ra£dfy and confirm eac
and all of the aforesaid provisions, stipulations and conditions
under which the time for continuing nogotiations between the partie
hereto has been extended."
SECTION 2.
This ordinance shall be in full force and effect from
and after its adoption.
n.v
Mayor —
Passed by the board of Commissioners, February 5th, 1945
Recorded by Rudy Stewart, City Clerk, February 5th, 1945.
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