Minutes 11/09/1982 - Laserfiche WebLink

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TUESDAY NOVEMBER 9, 1982 (1) Transfer of Customers and Sale of Facilities. (a) The City shall have the right, and hereby agrees, to supply electric energy for lighting, heating and power purposes to the 83 residential customers currently being served by Appalachian located in the Forest Park area annexed by the City from Henry County in 1965. (b) The City agrees to buy, and Appalachian agrees to sell, in consideration of the payment by the City to Appalachian of $60,699.00 cash plus a charge to cover the crew and equip- ment time necessary to effect a transfer of the facilities from Appalachian to the City, the poles, wires, cables, underground conduits, manholes and other electrical fixtures and equipment owned and used by Appalachian within the City which are no longer needed by Appalachian for the transmission and supply of electric energy as the result of the City's acquisition of the additional customers pursuant to subpara- graph (l)(a), excluding the main 12 kv feeder line through the area. The property to be transferred to the City is listed on attached Exhibit A. (2) Closing. Closing shall be held not later than February 1, 1983, or as soon thereafter as approval of the proposed transaction is obtained from appropriate regulatory authorities. At closing, Appalachian shall deliver to the City a bill of sale and any other documents necessary to vest fee simple, marketable title to the property transferred in the purchaser, free and clear of liens and encumbrances. In addition, from time to time after closing, if and when requested by the City, Appalachian agrees to convey and assign to the City any and all easements or other rights which Appalachian may have with respect to the ownership, operation or maintenance of the electrical distribution facilities to be conveyed pursuant to this Agreement and to execute any and all appropriate documents necessary to convey and assign the same. At closing the City shall deliver to Appalachian $60,699.00 cash. In addition, the City shall pay Appalachian the expenses and costs incurred by Appalachian in connection with the transfer of the facilities when billed by Appalachian for such charges at a later date. (3) State Corporation Commission Approval. The parties understand that the transaction contemplated by this Agreement ~s subject to the approval of the State Corporation Commission of Virginia, and each party agrees to execute such documents and to take such other actions as may be necessary to obtain the State Corporation Commission's approval of the proposed transaction.