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<br />-~ I~ ~ <br />.1.. If ' <br /> <br />TUESDAY <br /> <br />APRIL 13, 1976 <br /> <br />"'.-..... <br /> <br />WHEREAS, Martinsvil1e's electric service contract with Appalachian <br />has terminated; <br /> <br />WHEREAS, Appalachian and Martinsville have negotiated a settlement <br />of all disputes; <br /> <br />WHEREAS, Martinsville will receive a refund of $311,996 from <br />Appalachian plus interest of seven (7) percent, starting from <br />the time the settlement agreement is filed with FPC; and <br /> <br />WHEREAS, Appalachian and Martinsville have reached agreement <br />on a new electric service contract, <br /> <br />".....-.... <br /> <br />BE IT RESOLVED THAT THE CITY OF MARTINSVILLE <br />(1) Adopts and approves the annexed "Agreement of Settlement <br />and Compromise;" <br />(2) Approves the annexed electric service agreement between <br />Appalachian Power Company and the City; <br />(3) Authorizes the Mayor and City Manager to execute the above <br />documents; and <br />(4) Authorizes the City's attorneys to sponsor the "Agreement <br />of Settlement and Compromise" and electric service contract <br />before the Federal Power Commission, and to withdraw all <br />litigation. <br /> <br />The meeting was adjourned. <br /> <br />7 <br />// <br />~~~ <br /> <br /> <br />ing Clerk <br /> <br /> <br />,- <br />