Minutes 01/27/1987 (2) - Laserfiche WebLink

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457 TUESDAY, JANUARY 27, 1987 Council also continued to its forthcoming February 10th meeting, pending completion of on-going conferences with Appalachian Power Company, further consideration of--and final action on--a proposed agreement (tentatively approved by Council at its recent January 13th meeting) with Multi-Trade Group, Inc., for the purchase of electric energy from--and to be generated by--said Multi-Trade Group. Council acknowledged receipt of the following staff reports: A. Balance Sheet on all major funds, as of December 31, 1986; B. Financial Report, for the six-month period ended December 31, 1986; C. A report discussing implications concerning electric energy for the City, viz., (1) a recent filing by Appalachian Power Company with the Federal Energy Regulatory Commission for a wholesale rate increase of 5.89%, effective January 13, 1987; (2) ways and means of obtaining electric energy generated by the U. S. Corps of Engineers' Philpott Dam, which energy has been awarded and allocated to the Virginia "APCo Cities" for re-sale; and (3) on-going negotiations with Appalachian Power Company leading to a new wholesale energy supply contract, to replace the City's ten-year contract with APCo which expired in April of 1986; D. A reminder of the forthcoming February 5th Legislative Day sponsored by the Virginia Municipal League in Richmond, Virginia; and E. A notice from Mr. Jack F. Hankins, Attorney at Law and Special Counsel to the City, informing Council that the Martinsville City Circuit Court has upheld action of the City's Planning Commission regarding a Lanier Road Subdivision, which decision may be appealed by the plaintiffs (Dennis Reeves, et aI, vs. City of Martinsville Planning Commission), if so done within thirty days from date of decision. Council accepted for introduction (and scheduled final action at its forthcoming February 10th meeting on) a proposed ordinance which, if adopted, will authorize the issuance and sale by the City of its General Obligation Water Refunding Bonds in the amount of $1,160,264.17, being the remainder of 1985 bonds issued in the amount $1,350,000.00, said refunding designed to reduce the current interest rate on the bonds already issued and, thus, scheduled interest costs to the City.