Minutes 01/31/1983 - Laserfiche WebLink

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~2 MONDAY JANUARY 31, 1983 (2) that the City submit certain required supplemental information to FERC by February 25th; (3) that the City immediately secure copyright on all data compiled and documents filed for the project; and (4) that the Council defer, until some four months hence, its decision on whether to proceed with Phase III-B of the project (i.e., to authorize various studies required to keep the project on schedule for con- struction to begin in 1985 and to be completed for on-line operation in 1987, assuming that FERC accepts the license application for processing and will eventually grant the license), with the cost of Phase III-B estimated at $800,000.00. In response to certain inquiries, City Manager Edmonds reported: (1) that the City has invested (through completed Phase III-A) $795,538.00 in the Ridgeway Project: (2) that the City's Electric Fund remains in good financial condition and continues to contribute substantially to the General Fund; and (3) that funds escrowed and invested by the City for the project (beginning with $900,000.00 authorized by Council on April 10, 1979, and the subsequent addition thereto of $300,000.00 authorized by Council on September 11, 1979) now amount to $1,740,000.00. And, in response to certain concerns expressed by the Henry County Board of Supervisors (through its Chairman, Mr. Wagoner), involving methods by which roadways (to be inundated by the project reservoir) are to be connected or relocated (as identified and provided for in the license application) as well as the tax base loss to Henry County in the lands to be acquired for the project and its reservoir, the consulting engineers reported that an opportunity, as required by Federal regulations, will be given all interested persons to register their concerns for consideration and disposition thereof, once the license application of approved. Representatives of the City's financial advisors, commenting on the proposed project,