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<br />~2 <br /> <br />TlJESDAY <br /> <br />CC T ODER 2;3. 196~ <br /> <br />C01,U1Cil referred to City Attorney Cubine for stud:T and recommendat.ion, as to <br /> <br />mat.ters of legality, a proposed revision or replacement of the City's Plumbing <br /> <br />Code, .rhich would generally parallel the plu::.bing code of the Southern Standard <br /> <br />Buildinf Code. One new feature of the proposed revision would require C0l1191iance <br /> <br />with the City's plunbing regulations 1....here nm,,, construction outside the corporate <br /> <br />limi te; wishes to connect-or is connected--to the City's uater and se',rer systems. <br /> <br />City l,hnager Hirst reported that on tl-'.J.s date (October 23rd) members of Council <br /> <br />and members of the Planninf COl"mission were hosts to representatives of the <br /> <br />State Adjutant General's office and viewed and discusf;ed sites--as well as <br /> <br />discussed design and construction--for a ne1-l armory for HaJ.'tinsville, 1..rith the <br /> <br />Adjutant General's office indicating that it Hill for',mrd sketches of several <br /> <br />types of armories for consideratio:1 1,-ithin the next feu 1..reeks. <br /> <br />By letter dated October 23, 1962, as copied hereinafter, the Appalachian Pm.rer <br /> <br />Conpany subnitted proposals b7 Hhich the Appalachian Power Company offered to <br /> <br />purchase the City's electric utili t;;r s;ystem or to lease sar::e, as fol101..Js: <br /> <br />On August 25, 1959, Anpalachian P01-ler Company made a formal offer <br />to purchase the l-Iartin:wiJJ,e municipal electric system for a base <br />purchase price of $4,846,500.00. <br /> <br />3ased on the valuation study compJ.eted in 1959, plus additions to <br />this system si:1ce then, the f(l'OSS value of the Droperty that <br />R~[':ht be sold '.laS est:iJnated at ~;2,C39, JOO.CO as of June 30, 1962. <br />Net value, after depreciation, on this date I,ras estimated to be <br />~~1, ~14, 129.00. <br /> <br />In vie1..r of these changed conditions and as a result of further <br />study on our part, we 1,JOuld like to present for your con.s:;,deration <br />two proposals HLth resnect to t:1is electric system. <br /> <br />mOPCBAL I <br /> <br />Recognizir.g that the sales va},ue of a going bUsine~Js is sub- <br />stantially greater than the 8,ctual investment, Appalachian is <br />willing to rmrchase this electric operation, and offers to <br />the city, as a base purcr.:ase price, $5, 9C1, ~,nO.GO. In addLtion, <br />