HomeMy WebLinkAboutOrdinances Book 10, Page 759, No Resolution Number759/
A RESOLUTION AUTHORIZING THE CITY OF PADUCAH,
DY e,!M TIIROUG T PILPCE E. LACKEY `.CiiiR
I�:AYOR, 'PC EiI Li, :CIITO
A:lD ElsCUTE '0ITH THE KFdlTUClDir U^ILITIES COLIPANY AN AGR�'1'&,1LNT
i.OVIDI'!G FOR THE ABANDONMLNT _{ THE CITY OF TiIE PROCEEDINc:S
Iil3TI:'UTED BY IT OId FEIMUARY 13TH., 1942, FOR ACQUISITION OF
TIS COMPANY'S ELECTRIC UTILIYf 3i3TEI„ IN CONSIDERATION a'
THE COMPAIdYfS '+7AIVER OF ALL RI'IITS DER SULSE(CTIOiI (b)
�! Or SECTION 7 WITH RESPECT TO TYE JR OCEEDINCS INITIATED ON
SAID DATE, AND F ESCRI3I !!? 7,'S TEM"." A:lD CONDITIONS TO BE
CONTAINED I1 SAID COiITRACT I
THAT-IMERE'AS, on the 13th day of rebruary, 1942, the
Company received from the City a notice of the letter's desire
i'to purchase the c ompany's electric system and properties in the
:iCity of Paducah at a Price to be agreed upon be1tveen the parties,
liwhich nbbcce 'aas given pursuar.t to sub-sectior_
i (a) of Section 7 I
of an ordinance entitled:
i
"AI; OP.DI ?ANCE C,_ 7E .T=:;G A A:1CIiLS3 OR ?1,LTVILE(, i TO
FURidISH LEC 1 ?ICi If FOR - - H i P07ER, is iAT AND ANY
OTHM, PUR P03Ez' i� OR ?iICIIy_1> C TRIC ITY IS IP: THE
CITY OF PADUrA i, KENTUCKZ • ID OVID!!'G FORALE
OF SAID 'FAPiCiIISL' OR PRIVILE;�E"
And which ordinance +,gas adopted by the hoard of Commissioners of
the City of Paducah on August 20th, 1940, and the franchise created)
hereunder was sold to the Kentucky Utilities Company and the sale
thereof was confirmed on September 17th, 1940; and,
l4HEREAS, 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
(50) days after the receipt o - said notice, a' Board of Appraisers
consistin^ of two (2) members shall be appointed for the purpose of
apnraising said properties, one by the I.ayor with the approval of
the Board of Commisoioners and the other by the Company, such
appointments to be made within thirty (30) days after the e;;niration'
of said si=a
y (50) day period liven 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 ;,aid appraisers; and,
I
'.'.`HERSAS, under agreements subsequently entered into between
the parties, the period of time for carryin" on negotiations beyond
the aforesaid sixty (50) day period was extended to June 13th; and,
11
'.7ILEREAS, Subsection (b) of Section 7 of the franchise under !
s
which the aforesaid novice was riven provides as follows:
I. I
760
"(b) If the City shall initiate or attempt nroceedings
to acquire the electric utility system and properties of
purchaser in said City but the sale should noi; be con-
summated by tine City, then a new attempt by the City to
acgVire said properties and systems as herein providdd
at an* Lime and as often as said City may desire may be
made, except no attempt to acquire said system and
properties as herein contemplated shall be attempted
or initiated within three years of the beginning of the
last preceding initiation or attempt to acquire same."
APID, 's'JHEREAS, the Company has proposed that if the City
desires to abandon the initiation of the proceedings as set forth
in the resolution adopted on February 13th, 1942, and shall by
resolution adopted on or before July 13th, 1942, abandon such
proceedings, s aid Company will waive the provisions of subsection
(b) of action 7 with resect to the proceedin;-s initiated by
said resolution of !'ebruarr 13th, 1942.
THEREFORE, E.. IT ..33OLVED 1:,-Z mHL LCARD OF
G::: L IO:i3Ra OF TI -117 CITY OF r:1DUCAii, I ?i''JC?^Ls
y"nat the L:ayor be and he is hereby authorized, for
and on behalf of the City of Paducah, Kentucky, to enter into
and execute an agreement with the Kentucky Utilities Company
in words and fisures as follows, to-r✓it:
"In consideration of the abandonment by the City
of the proceedings initiated on February 13th, 1942, the Company
hereby waives the provision of subsection (b) of vection 7 with
respect to the proceedings initiated on said date and agrees that
the City shall not be prejudiced thereby.
"It is the object and purpose of the parties to this
agreement to forthwiL-h terminate the proceedings initiated on
"ebruary 13th, 1942, but in doing so the City shall retain its
right to give notice to the Company at any time of its desire to
revoke, annul, and cancel said franchise as of a date eighteen (18)
months after such notice is given, together with its right to
become the purchaser of the Company's electric utility system
in the city by compliance with the provisions of said franchise,
and both parties shall be bound by all the terms, conditions
and convenants contained in said franchise to the same extent
as thou! -h the City has not initiated proceedings for the
acquisition of said properties."
SEC TI OI; 2.
"his resolution shall be in full force and effect from
anr9 after its adoption.
May or
i
passed by the L'oard of Tommi. sinners, July 7th, 1942
;,cco.rded by ',udy ;Lewart, City Cleric, July 8th, 1942.