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HomeMy WebLinkAboutOrdinances Book 10, Page 714, No Resolution Number714/ v A RESOLUTION AUTHORIZING THE CITY OF PADUCAIi, BY AND IITHROUGH PIERCE E. LACKEY, THE MAYOR, TO ENTER INTO AND EXECUTE ., WITH THE KENTUCKY UTILITIES COMPANY AN AGREEIEIT FURTHER EXTENDING THE TIME FOR THE APPOINTMENT OF A BOARD OF APPRAISERS TO APPRAISE THE ELECTRIC SYSTEM AND PROPERTIES OF THE KENTUCKY UTILITIES COMPANY AS REQUIRED BY THE NOTICE GIVEN SAID COMPANY ON FEBRUARY 13, 1942, AND PURSUANT TO THE PROVISIONS OF THE ELECTRIC FRANCHISE WHEREAS, on the 13th day of February, 1942, the Company received from the City a notice of the latter's desire to purchase 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: "AN ORDINANCE CREATING A FRANCHISE OR PRIVILEGE TO FURNISH ELECTRICITY FOR LIGHT, POWER, 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" And which ordinance was adopted by the board of Commissioners of Ithe City of Paducah on August 20th, 1940 and the franchise created thereunder was sold to the Kentucky Utilities Company and the sale I, (,thereof was confirmed on September 17th, 1940; and, WHEREAS, by and under the terms of the franchise created) by the aforesaid ordinance, it was provided that if a paeice for I said electric system and properties is not agreed upon within sixtyi (60) days after the receipt of said notice, a Board of Appraisers consisting of two (2) members shall be appointed for the purpose of; appraising said properties, one by the Mayor with the approval of the Board of Commissioners and the other by the Company, such j appointments to be made within thirty (30) days after the expiration of said sixty (60) day period given the parties to agree upon the value of said properties, and said ordinance provided the further procedure to be followed in connection with the acqu±sition of said'' properties after the appointment of said appraisers; and, I WHEREAS, under a Resolution adopted by the Board of I Commissioners on April 7th, 1942, the time for considering negotiations was extended to April 29th, 1942; and, WHEREAS, the Company and the City are desirous of arranging a further extension of time within which to continue negotiations; NOW, TIiEREFORE BE IT RESOLVED BY TIS BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. j 715 'j i That the City of Paducah, by and through Pierce E. 1,Lackey, the Mayor of said city, anter into and execute with the iKentucky Utilities Company an agreement extending the time .for the appointment of a Board of Appraisers to appraise the electric I'system and properties of the Kentucky Utilities Company, which ;agreement shall be in words and figures as follows: to -wit: i "The Company and the City hereby agree to defer the appointment of appraisers until May 13th, 1942, and in the event a price shall not be agreed upon by that date, said Board of )Appraisers shall be appointed within fifteen (15) days after said date and shall file their written report within six (6) months i next after their appointment. "It is further understood and agreed between the parties: hereto that the City shall retain its right to revoke, annul and ,cancel said franchise as of a date eighteen (18) months after the giving of the aforesaid notice on Feb. 13th, 1942; that by extending the time for continuing negotiations the city does not waive its I option or any right or privilege it acquired under said franchise for the purchase of said Companyls properties; and, except as modified by the provisions of this agreement, all of the terms i conditions and stipulations set out in said ordinance shall remain and continue in full force and effect." 'i SEC TI OST 2. This Resolution shall be in full force and effect from and after its adoption. Mayor Passed by the Board of Commissioners, April 21, 1942 Recorded by Rudy Stewart, City Clerk, April 2241 1942.