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HomeMy WebLinkAboutOrdinances Book 14, Page 80, No Resolution NumberA RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT RESPECTING THE EXTENSION OF THE PERIOD FOR NEGOTIATIONS FOR FIXING THE VALUE OF THE ELECTRIC SYSTEM OF KENTUCKY UTILITIES COMPANY BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That George G. Jacobs, Mayor of the City of Paducah, Kentucky, be, and he is hereby, authorized to execute, on behalf of the City of Paducah, an agreement between the Electric Plant board of the City of Paducah, Kentucky; the City of Paducah, Kentucky and Kentucky Utilities Company, which agreement is in words and figures as follows, to -wit: "THIS AGREEMENT made and entered into by and between the CITY OF PADUCAH, KENTUCKY, party of the first part, hereinafter referred to as "City", and the ELECTRIC PLANT BOARD OF THE CITY OF PADUCAH, KENTUCKY, party of the second part, hereinafter referred to as "Board", and KENTUCKY UTILITIES COMPANY, party of the third part, hereinafter referred to as "Company", W I T N E S S E T H THAT WHEREAS the Board and the City, acting by and through the Board as its agent and representative, have heretofore notified the Company of the desire of the City and the Board to purchase the electric system of the Company within the City pursuant to the provisions of the Franchise Ordinance dated August 20, 191.0 under which the Company is operating such system within said City, and WHEREAS the Company and the Board have entered into negotiations regarding the establishment of the value of the said system, and WHEREAS all parties hereto believe that a period of time additional to that prescribed by the said Franchise Ordinance would be desirable for the continuation of such negotiations, NOW THEREFORE, in consideration of the premises, said parties agree as follows: 1. The period of time provided in Section 7 (c) of said Franchise Ordinance for negotiations regarding the establishment of the value of said system shall be, and it is hereby, extended for an additional period of ninety (90) days, making a total of one hundred fifty (150) days. 2. The extended period provided for in the first numbered paragraph hereof may be terminated by any party hereto not less than ten (10) days after receipt by the other parties of written notice of such termination. 81 3. The expiration date of the estended perios for nego- tiations, as herein provided, whether the date of the expiration of the one hundred and fifty (150) day period or an earlier date fixed as provided in the second numbered paragraph hereof, shall be substituted for and shall stand in lieu of the expiration date of the sixty (60) day period specified in said Section 7 (c) of said Franchise Ordinance to the same extent and with the same effect qs if it had originally been provided for in said Section 7 (c), and the rights and obligations of the parties under the said Franchise Ordinance shall in all respects be so construed. b. Nothing herein contained shall prevent any of the parties from proceeding with the appointment of an appriaser pur- suant to the provisions of said Section 7 (c) of said Franchise Ordinance prior to the expiration of the extended period for negotiations, but any such appointment shall not obligate the other party or parties to make its or their appointment prior to the expiration of a period of thirty (30) days after the expiration of the extended perios for negotiations, assuming that the parties are unable to agree upon the value at which the said system may be purchased, nor shall such appointment operate to discontinue or to terminate the negotiations, and such negotiations shall proceed as if the appointment had not been made. 5. None of the parties hereto shall contend or urge in any court that the extension herein provided for constitutes a basis for attacking or invalidating the said Franchise Ordinance or the acquisition proceedings currently being conducted by the City and the Board. IN TESTIMONY WHEREOF, the parties hereto have caused this agreement to be executed in their behalves by officials hereunto duly authorized, this day of , 1959. KENTUCKY UTILITIES COMPANY CITY OF PADUCAH, KENTUCKY By resident By Mayor ELECTRIC PLANT BOARD OF CITY OF PADUCAH, KENTUCKY By airman SECTION 2. This Resolution shall be in full force and effect from ancTfa t—er its adoption. 4.=r - . 1.; : �«c .�C� Mayor Passed by the Board of Commissioners May 26, 1959 Recorded by Sarah Thurman, City Clerk, May 26, 1959.