HomeMy WebLinkAboutOrdinances Book 10, Page 740, No Resolution Number740
A RESOLUTION AUTHORIZING THE ESTY OF PADUCAH, BY AND
TIiROUGH PIERCE E. LACKEY, THE MAYOR, TO ENTER INTO AND EXECUTE
WITH THE KENTUCKY UTILITIES COMPANY AN AGREEMENT FURTHER EXTENDING
THE TIME FOR THE APPOINTMENT OF A BOARD OF APPRAISERS TO APPRAISE
TIIE ELECTRIC SYSTEM AND PROPERTIES OF TIIE KENTUCKY UTILITIES COMPANY
AS REQUIRED BY THE NOPICE 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 companyIs 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 LIGIT, POWDER, BEAT AND ANY
OTHER PURPOSES FOR PDHICH 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
the City of Paducah on August 20th, 1940 and the franchise created
thereunder was sold to the Kentucky Utilities Company and the sale
thereof was confirmed on Sept9mber 17th, 1940; and,
WHEREAS, by and under the terms of the franchise created
by the aforesaid ordinance, it was provided that if a price for
said electric system and properties is not agreed upon within sixty'
(60) days after the receipt of said hotice, 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
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 acquisition of said
properties after the appointment of said appraisers; and
WHEREAS, under a Resolution adopted by the Board of
Commissioners on April 7th, 1942, the time for considering
Ilnegotiations was extended to April 29th, 1942; and,
WHEREAS, under a Resolution adopted by the Board of
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Commissioners on April 21st, 1942, the time for continuing nego-
itiations was extended to May 13th, 1942; and,
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WHEREAS, the Company and the City are desirous of
arranging a further extension of time within which to continue
negotiations; NOW, THEREFORE,
741
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
.CITY OF PADUCAH, KENTUCKY:
SEC TION 1.
That the City of Paducah, by and through Pierce E.
Lackey, the Mayor of said City, enter into and execute with the
Kentucky Utilities Company an agreement extending the time for the
appointment of a Board of Appraisers to appraise the electric
system and properties of the Kentucky Utilities "Company, which
agreement shall be in words and figures as follows, to -wit:
"The Company and the City hereby agree to defer the
appointment of appraisers until June 13th, 1942, and in the
,event a price shall not be agreed upon by tlat date, said Board of
Appraisers shall be appointed within thirty (30) days after said
date and shall file their written report within four (4) months
,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 February 13th, 1942, that by extending
the time for dontinuing negotiations the city does not waive its
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option or any right or privilege it acquired under said franchise i
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
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and continue in full force and effect."
SECTION 2.
This Resolution shall be in full force and effect from and
after its adoption.
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Mayor
Passed by the Board of Commissioners, May 12th, 1942
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Recorded by Rudy Atewart, City Clerk, May 13th, 1942.