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<br />~ <br /> <br />TUESDAY <br /> <br />OC'l' ODEn 23. 1962 <br /> <br />,- <br /> <br />Appalachian will reimbur::>e the City for usuable materials and <br />supplies carried in the electric department stocle. Such reim- <br />bursement will be on the basis of the City's cost for the <br />material and supplies and shall not exceed ~?65, 000. GO. <br /> <br />This purchase off'er is subject to the following provisions: <br /> <br />1. Appalachian's securing approval of this acquisition by <br />any and all bodies having jurisdiction. <br /> <br />..- <br /> <br />2. The City's granting to Appalachian, free of additional <br />costs, a 30-year franchise for operating the electric <br />utility system in the City of }artinsville. <br /> <br />Upon consummation of this sale, Appalachian would, following <br />anproval by the State Cornoration Commission, put into effect, <br />for all customers in the City, the general schedule of rates <br />and regulations of the Company which are now in effect in <br />similarly classified service areas. (It is our understanding <br />that Appalachian and }~tinsville rates are generally comparable <br />at this time.) <br /> <br />Appalachian would also supply electric service to street lights, <br />vlater V.nnps, and all other City installations at a~~plicable rates. <br /> <br />Appalachian would establish an office in Martinsville, adequately <br />staffed, for the pa:;~ent of electric bills and servicing of <br />customer requests. <br /> <br />Appalachian would like to retain, as pennanent employees, those <br />persons presently employed by the electric department. <br /> <br />PROPCSAL II <br /> <br />Appalachian is willing to lease this property and operate it as an <br />integral part of its Fieldale District. Generally, such a leasing <br />agreement would caver the following points: <br /> <br />- <br /> <br />Property Involved <br /> <br />The City of l~rtinsvillefs electric distribution system, <br />including all customers, lines, substations, generating <br />facilities, etc. (The sa~e items of property presently valued <br />as approximately $2,039,000.00 gross.) <br /> <br />~of Lease <br /> <br />Thirty years. <br /> <br />.- <br /> <br />!ease Pa'nnents <br /> <br />Appalachian would pay the City of Nartinsville a rental at an <br />annual rate, as follo"rs: <br />