HomeMy WebLinkAboutOrdinances Book 10, Page 753, No Resolution Number753
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A RESOLUTION AUTHORIZING THE CITY OF PADUCAH, BY AND
. THROUGH PIERCE E. LACKEY, THE MAYOR, TO ENTER INTO AND EXECUTE
WITH THE KENTUCKY UTILITIES COMPANY AN AGREEM04T FURMIER EXTENDING
I THE TIME FOR `I'EIE APPOINPMENT OF A BOARD OF APPRAISERS TO APPRAISE TI
ELECTRIC SYSTEM AND PROPERTIES OF THE KENTUCKY UTILITIES COMPANY
AS REQUIRED BY THE: NOTICE GIVEN SAID COMPMNY ON FEBRUARY 13, 1942, j
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AiID PURSUAoTT TO THE PROVISIONS OF THE ELECTRIC FRAPiCHISE
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I11HEREAS, on the 13th clay of February, 1942, the
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Company received from the City a notice of the latter's desire !
to purchase the Company(s electric system and properties in the
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City of Paducah at a price to be agreed upon between the parties, I
which notice Was given pursuant to sub-section (a) of Section 7
of an ordinance entitled:
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"Ai! (R DINANCE CREATING A FRANCHISE OR PRIVILEGE TO
FURNISH ELECTRICITY FOR LIGHT, PO'.'IER, HEAT A:,D ANY
OTHER PUR-'OSES FOR YJ:fICH ELECTRICITY IS USED IN THE
CITY OF PADUCAH, KENTUCKY, AND PROVIDING FOR THE SALE
OF SAID FRANCHISE OF PRIVILEGE"
And which ordinance Was adopted by the
'card of Commissioners of
the City of Paducah on August 20th, 1940 and the franchise created
t`ereunder Was sold to the Kentucky Utilities Company and the sale
thereof Was confirmed on September 17th, 1940; and,
II.THEREAS, by and under the terms of the franchise created
Was provided, that if a price for
by the aforesaid ordinance, it
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said electric system and properties is not agreed upon within sixtyi
(60) days after the receipt of said notice, a board of An
consisting; of two (2) members shall be appointed for the purpose of
appraising said properties,-one by the "ayor with the approval of
the Board of Commissioners and the other by the Company, such
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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
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procedure to be followed in connection with the acquisition of said;
ii properties after the appointment of said appraisers; and,
WHEREAS, under resolutions heretofore adopted by the Board
jof Commissioners the time for carrying on negotiations beyond the
;l aforesaid sixty (60) day period has been extended to June 13th; aid;
it
WHEREAS, the Kentucky Utilities Company and the City of
Paducah are desirous of arranging a further extension of time within
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'I which to continue negotiations; NO'+':!, THEREFORE,
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY
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i OF PADUCAH, KENTUCKY:
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SECTION 1.
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754
That the City of Paducah, by and throurh 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
Iiagreement shall be in words and figures as follows, to-ijit:
"The Company and the City hereby -agree to defer the
appointment of appraisers until July 13th, 1942, and in the
event a price shall not be agreed upon by that date, said Board of
Appraisers shall be appointed within thirty (30) days after said
date and shall file their written report within three (3) 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 (13) months after the giving
of the aforesaid notice on February 13th, 1942; that by extending
the time for continuing negotiations the city does not waive its
option or any right or privile.,e it acquired under said franchise
,for the purchase of said Company's properties; and, except as
modified b,r 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."
SECTION 2.
This Resolution shall be in full force and effect from and
after its adoption.
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Passed by the i;oard of Commissioners, June 10th, 1942
Recorded by Rudy Stewart, City Clerk, June 11th, 1942.
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