HomeMy WebLinkAboutOrdinances Book 10, Page 704, No Resolution Number704
A RESOLUTION AUTHORIZING THE' CITY OF PADUCAH, BY AND
TBROUGH PIERCE E. LACKEY, THE MAYOR, TO ENTER INTO AND EXECUTE
WITH THE KENTUCKY UTILITIES C0I.'PANY AN AGREEIT.CT aATENDING THE TIME!
FOR 'ITTIE APPOINTITENT OF A EOARD OF APPRAISERS TO Ai MAISE THE
ELECTRIC SYSTEM AN'D PROPERTIES OF THE KENTUCKY UTILITIES COI.:PANY
AS REQUIRED BY THE NOTICE GIVEN SAID C030ANY Oil FEBRUARY 16, 1922,
AND PURSUANT TO THE PROVISIONS OF T71 ELECTRIC FFAIMEISE
WHEREAS, on the 13th day of February, 1942, ttre
Company received from the City a notice of the latter's desire
to nurchase the Company's electric system and properties in the
City of Paducah at a price to be agreed upon between the parties,
which notice was given pursuant to sub -section (a) of Section 7
of an ordinance entitled:
!JC' OIZ j11',IV.TL2GE TO
H:�:_4',T AMD ANY
OTC. CITi7 'D IN T11E
]THE SALE
OF SAID OiPIVILEGE.
And which ordinance %-,as adopted by the Eoard of Commis sioners of
the City of Paducah on August 20th, 1940, and the franchise created!
;thereunder vias sold to the Kentucky Utilities Company and tle sale
thereof .,jas confirmed on -eptember 17th, 1940; and,
117= -PLEAS, by and under the terms of the franchise created
by the aforesaid ordinance,
it n -as provided that if a price for
said electric system and properties is not aSrcea upon within sixty
(60) days after the receipt Of said notice, a Board of Appraisers
consisting of two (2) members shall be appoin1ted for the pdrpose of
appraising said properties, one by the 1dayor with the approval of
the Board Of Coumlirsioners and the other by the Company, such
appointments to be'made within thirty (30) days after the expiration
of said sixty (60) day period.given th- parties to agree upon the
value of said properties, and said ordinance provided the further
procedure to be followd�d in connection with the acquisition of said'
properties after the appointment of said appraisers; and
.VHEREAS, the Company and City are, desirous of extending
the time within which to continue negotiations; NOW, THEREFORE,
BE IP RES,,�LVED B,' THE -BOARD OF COT11-1331011ERS OF THE
OITY 0-Y PADUCAH, KENTUCKY:
SECTION 1.
W
Pago 705
I' That the City of Paducah, by and through Pierce E.
Lackey, the L;ayor of said City, enter into and execute with the
Kentucky Utilities Company an agreement extending the time for the
appointment of a ;=oard of Appraisers to appraise the electric
system and properties of the Kentucky Utilities Company, which
agreement shall be :in words and figures as follows; Lo -wit:
"The Company and the City hereby agree to defer the
appointment of appraisers until April P91th, 1942, and in the
event a price shall not be agreed upon by that date, said Loard of
Appraisers shall be appointed within fifteen (15) days after said
date and shall file their written report within five (5) months
next after their appointment.
"It is further understood and agreed between the barties l
hereto that the City shall retain its right to revoke, annul and
cancel said franchise as of a date eighteen (18) mon the after the
giving of the aforesaid notice on February 13th, 1942; that by
extendin" the time for continuing negotiations the city does not
waive its option or any right of privilege it acquired under said
franchise for the purchase of said Company(s properties; and,
except as modified by the provisions of this agreement, all of the
terms, conditions and stipulations set out in said ordinance shall)
remain and continue in full force and effect."
SEC T! 01.1 2.
This Resolution shall be in full force and effect
from and after its adoption.
I,:ayor
Passed by the Poard of Commissioners, April 7th, 1942
Recorded by Eudy Stewart, City Clerk, April 3th, 1942.