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<br />1. THE REFERENDUM SHOULD BE POSTPONED. It is impossible <br />to predict wiTI1any~degree of accuracy the variable economic <br />factors when we are, at this point, four years away from con- <br />struction. A more appropriate time for the bond election will <br />be in the fall of 1982, upon completion of the FERC license <br />application, and as the engineers are moving into final design <br />work. Construction costs will be more estimatable, certain of <br />the legal issues will be resolved, APCo's rates will be more <br />apparent, the bond market will hopefully have settled down, <br />and our ability to forecast the other vital economic factors will <br />be half again better than today. <br /> <br />2. COUNCIL SHOULD AUTHORIZE R. W. BECK AND ASSOCIATES <br />TO PROCEED WITH PHASE III-A OF THE PROJECT. This vital <br />work, as previously described herein, will take about 16 months <br />to complete. Further delay of this phase will be costly and could, <br />I understand, result in revocation of our preliminary permit by FERC. <br /> <br />It seems to me, in summary, that we have come almost full-circle to Electric <br />Department Director Bob Corekin's early determination--that hydroelectric <br />generation promises the only power bargain for Martinsville citizens in the <br />future. With all the positive features of the Ridgeway Site, it only takes <br />a little faith (and money) to move ahead at this time. I am convinced that <br />Council should do just that. <br /> <br />fit <br /> <br />-11- <br />