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<br />Council Members <br />Joseph R, Cobbe, Mayor <br />Kimble Reynolds, Jr., Vice-Mayor <br />James W, Clark <br />J, Ronald Ferrill <br />Terry L Roop <br /> <br />A CITY WITHOUT LIMITS <br /> <br />City Manager <br />Robert R. Collins <br /> <br />City Attorney <br />Eric H. Monday <br /> <br />Clerk of Council <br />Susan N, Johnson <br /> <br />M <br /> <br />Martinsville <br /> <br />RESOLUTION AUTHORIZING AND DIRECTING <br />THE EXECUTION OF A HYDROMA TRIX DEVELOPMENTAL <br />SUBSCRIPTION AND COST SHARING AGREEMENT BY <br />THE CITY OF MARTINSVILLE, VIRGINIA <br />WITH AMERICAN MUNICIPAL POWER-OHIO, INC. <br /> <br />WHEREAS, the City of Martinsville (hereinafter "Municipality") owns and operates an <br />electric utility system for the benefit of the Municipality, its citizens and taxpayers; and <br /> <br />WHEREAS, by working jointly with American Municipal Power-Ohio, Inc. (hereinafter <br />"AMP-Ohio") and the other municipalities which are members of AMP-Ohio, the <br />Municipality can supply its electric utility consumers with reliable service at reasonable <br />rates; and <br /> <br />WHEREAS, a need has been identified for an environmentally sound, economical and <br />reliable long term power resource for the Municipality's electric utility consumers; and <br /> <br />WHEREAS, AMP-Ohio desires to provide Municipality with the opportunity to <br />participate in the development of new hydroelectric power plants located on the Ohio <br />River utilizing the "HYDROMA TRIX" technology in order to provide the Municipality's <br />electric utility consumers this economic, environmentally sound and reliable source of <br />long term power; and <br /> <br />WHEREAS, AMP-Ohio anticipates that no less than 30,000 kilowatts, and no more than <br />115,000 kilowatts of hydro capacity may be made available; and <br /> <br />WHEREAS, it is necessary for the Municipality to enter into a contract with AMP-Ohio <br />to provide for preconstruction development funding to allow for analyzing the technical, <br />permitting, licensing and economic aspects of the new hydroelectric projects (hereinafter <br />the "HYDROMA TRIX Projects") and determine if the Municipality, in conjunction with <br />AMP-Ohio and other participating member municipalities, should proceed to construct, <br />own and operate one or more new HYDROMATRIX Projects facilities; and <br /> <br />WHEREAS, under the terms of the Agreement, AMP-Ohio will report the results of the <br />developmental studies to the Municipality prior to the Municipality committing to the <br />purchase of the output of one or more HYDROMA TRIX Projects if and only if in the <br />Municipality's sole discretion it determines to do so; and <br /> <br />WHEREAS, it is necessary for the Municipality to commit itself to pay, pursuant to the <br />Agreement, a pro rata share of the developmental costs of the HYDROMA TRIX Projects in <br /> <br />55 West Church Street PO, Box 1112 Martinsville, VA 2411-l-1112 276-403-5180 Fax: 276-403-5280 <br />www.ci.martinsville.va.lIs <br />