HomeMy WebLinkAboutOrdinances Book 14, Page 278, No Resolution NumberA RESOLUTION APPROVIidG AND ACCEPTING THE REPORT OF THE
BOA -RD OF APPRAISERS PLACING A VALUATIO" UPON THE ELECTRIC DI
TIM SYSTEM OF KENTUCKY UTILITIES COfiIP.UIIY IN THE CITY OF PAI
KENTUCKY, AND DIRECTING THE CORPORATION COUNSEL TO PREPARE A
ORDINANCE PROVIDING FOR SUBMISSION TO THE VOTERS OF TIE CITY
AS TO THE ISSUANCE OF THE NECESSARY REVENUE BONDS TO PAY FOR
SUCH SYSTEM AND INCIDENTAL AND RELATED E..XPENSES IPI CONNECTIC
THERE JiTH
-WHEREAS on February 16, 1960, the Board of Appraisers
established to appraise the electric distribution system of
Kentucky Utilities Company within the City of Paducah; -submitted-"
a report to the City, the Electric Plant Board of the City and
the Kentucky Utilities Company in which the value of said electric
system was found to be ':?5,$61,63$.00 as of October 1, 1959, giving
consideration to going concern and severance damages, and
dHEREAS promptly thereafter the City's Engineers, Burns &
McDonnell Engineering Company of 1.1ansas City, i-Ii_ssouri, were
requested to prepare a supplemental report on the feasibility i
of acquisition of said electric system in the light of the report
of the Board of Appraisers, and
WHEREAS the Electric Plant Board has initiated negotiations
with the Company to provide for an orderly take-over of the properties
of the Company, and
111HEREAS the Electric Plant Board has continued negotiations
with Tennessee Valley Authority for a supply of power to Paducah
when the city acquires its electric distribution system, and TVA
has now submitted to the Electric Plant Board a draft of wholesale
power contract for the Board's consideration, and
:IHEREAS the City's Engineers have informally reported that
the acquisition of Kentucky Utilities Company's electric distribution
system and the operation thereon" under a TVA. contract would be
economically sound and advantageous to the City and that their
supplemental report now in process of completion will so reflect.
iI0:1 THEREFORE, BE IT RESOLVED BY THE BOARD OF C01,1ISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That said report of the Board of appraisers
Placing a valuation upon the electric distribution system of
Kentucky Utilities Company in the City of Paducah of ;)5,861,63$.00
as of October 1, 1959, which was received and filed on February 23,
1960, is hereby approved and accepted subject to a referendum as
hereinafter referred to.
SECTION 2. The Corporation Counsel is hereby directed, upon
receipt of the supplemental report of the city?s engineers, to
prepare an ordinance providing for the submission to the voters
of the city of the proposition whether to issue the necessary
revenue bonds to pay for the properties of Kentucky Utilities
Company, together with incidental and related expenses in connection
therewith.
SECTION 3. The City Clerk is hereby directed to send a
certified copy of this resolution to each member of the aforesaid
Board of 9ppraisers,.Kenyucky Utilities Company, Lexington, Kentucky
and the Electric Plant Board of the City of Paducah, Kentucky.
SECTION 4. This Resolution shall be in full force and effect
from and after its adoption.
0.
Mayor
Passed by the Board of Commissioners June 11,. 1960
Recorded by Sarah Thurman, City Clerk, June 11, 1960.