HomeMy WebLinkAboutOrdinances Book 12, Page 797, No Ordinance Number797 /
AN ORDINANCE ACCEPTING THE APPRISERS? VALUATION OF $1,978,817 AS THE PRICE TO BE
PAID THE CITY OF PADUCAH TO THE IM, TUCKY UTILITIES COMPANY FOR ITS PROPERTIES AND FACILITIES
USED AND USEFUL IN ITS ELECTRIC UTILITY BUSINESS IN THE CITY PURSUANT TO SECTION 7
OF•AN ORDINANCE ENTITLED, "AN ORDINANCE CREATING A FRANCHISE OR PRIVILEGE TO FURNISH
ELECTRICITY FOR LIGHT, POIM, HEAT, AND ANY OTHER PURPOSES FOR WHICH ELECTRICITY IS USED
IN THE CITY OF PADUCAH, KENTUCKY, AND PROVIDING FOR THE SALE OF SAID FRANCHISE OR PRIVILEGE,"
which was adopted by the Board of Commissioners on August 20, 1940, and REPEALING ALL
ORDINANCES IN CONFLICT THMEITITH:
IiIEREAS, under a notice given to the Kentucky Utilities Company, and provided in
Section 7 of an ordinance entitled 11 AN ORDINANCE CREATING A FRANCHISE OR PRIVILEGE TO
FURNISH ELECTRICITY FOR LIGHT, POITM, HEAT AND ANY OTHER PURPOSES FOR WHICH ELECTRICITY
IS USED IN THE CITY OF PADUCAH, IMNTUCKY, AND PROVIDING FOR THE SALE OF SAID FRANCHISE OR
PROVILEGE11 which uns adopted by the Board of Commissioners of the City of Paducah on
August 20th, 1940, and under a notice given said company by the Electric Plant Board of
the City of Paducah, Kentucky, as provided in a resolution adopted by said board, the
City of Paducah caused to be appointed a board of appraisers to make a sjrvey of,
appraise and submit to the City of Paducah its valuation of said electric utility system;
and,
IMMEAS, it eras further provided under Section 7 of the aforesaid ordinance that
after the filing of said report of apprisal, the City may proceed to purchase said
electric utilities system as provided under Section 3480 d-3 of the I(entucky,statutes
or under such other Acts of the legislature which regulate the acquisition by purchase
of electric light, heat and power plants by cities of the second class; and,
I-AMEAS, L.R. Howson, the appraiser appointed by the City of Paducah, and
J. Samuel Hartt, the appraiser appointed by the Kentucky Utilities Company, heretofore
filed their written report of apprisal fixing the valuation of said utilities system as
of the period of 1945-1946, the period at ikich said company became obligated to sell
its system to the City of Paducah, in the sum of $2,064,109; and,
IJMEAS, the total appraisal amounting to $2,064,109 includes the valuation of
the poles, conductors, transformers, services meters, and other properties in the
suburban areas outside the corporate limits of the City of Paducah; and,
IdlMEAS, the appraiser? valuation of the aforesaid properties located outside the
City of Paducah amounts to $86,292,00; and,
WE EAS, it is provided under Section 7 of the aforesaid franchise ordinance that
by following the procedure initiated by it, the city may purchase t1all of the facilities of
the purchaser located within the city and which are used and useful in the purchaser?s
electric utility business in said city;« and,
I]fMMS, the appraisers? valuation of the facilities of the company located in the
city and that are used and useful in its electric utility business in said city amounts
to $1,978,817, excluding the value of those properties located outside the corporate
limits;
798
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF CMaSSIONERS OF THE CITY OF
PADUCAH, IO NTUOKY:
Section 1. That the City of Paducah accept the aforesaid appraiser's valuation of
$1,9783817, the valuation as of the 1945-1946 pricing period, as the price to be paid
the Kentucky Utiilities Company for all of said company's properties and facilities in the
city that are used and useful in its electric utility business therein.
Section 2. All ordinances and parts of ordinances in conflict herewith are, to the
extent of such conflict, hereby repealed.
Section 3: This ordinance shall be in full force and effect from and after its
adoption.
Passed by the Board of Commissioners June 3, 1952
Recorded by Sarah Thurman, City Clerk, June 3, 1952
Mayor