HomeMy WebLinkAboutOrdinances Book 10, Page 674, No Resolution NumberA RESOLUTION AUTHORIZING THE MAYOR TO INITIATE PROCEEDINGS
WITH THE VIEW OF ACQUIRING BY PURCHASE THE ELECTRIC UTILITY
SYSTEM:! AND PROPERTIES OF THE KENTUCKY UTILITIES COMPANY
°i BE IT RESOLVED BY THE BOARD OF COi:fiISSIOI;iERS OF THE CITY
!OF PADUCAH, EENTUCKY:
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SECTION 1.
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I That the M,�ayor be and he is hereby authorized to :give notice
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!;to the Kentucky Utilities Company of the desire of the City of
jPaducah to purchase said Company's electric system and properties
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�in the City of Paducah at a price to be agreed upon between th6
'parties, and to notify said Company that if a
price shall not
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l"be agreed upon within sixty (60) days after the receipt of said
notice, a Board of "ppraisers consisting of two (2) members will be,
!,!appointed, one by the M•.ayor with the approval of the Board of
!!Commissioners, and the other by the Kentucky Utilities Company,
such a,,pointments to be made within thirty (30) days after the
!expiration of said sixty (60) day period given to parties to agree
upon the value of said properties. The Mayor is further authorized
to notify said company that should the two members of said Board
of Appraisers, so appointed by the City and the Company, respec-
tively, be unable to agree upon a fair and reasonable price of
said electric utilities system, a third member of said Board, to
,,act as umpire, shall be selected by there, and in the event said
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two appraisers cannot agree upon the third member of said board,
then upon application by either the City or the Company, the then
presiding Judge of the United States District Court for the
W&extern District of Kentucky shall name the third appraiser,
ii and that the city shall expect full compliance with the
liprovisions of the franchise under which said Board of Appraisers
shall make a survey of, appraise and submit to the City in
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'writing its valuation of said electric utility system.
SECTION 2.
This Resolution shall be in full force and effect from and
after its adoption.
Signed
Mayor
Passed by the Board of Commissioners, February 13th, 1942
Recorded by Rudy Stewart, City Clerk, February 14th, 1942