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<br />78 <br /> <br />SEPTEfuffiER 17, 1959 <br /> <br />THURSDAY <br /> <br />In connection with the evaluation study of and the purchase offer for the City's <br /> <br />electric utility system presented August 25, 1959 by the Appalachian Power <br /> <br />Company, City Manager Hirst presented the results of his study of the electric <br /> <br />utility, being in the form of a report entitled, "Special Report to Martinsville <br /> <br />City Council on City Electric Utility System, 1959", consisting of one hundred <br /> <br />and twenty pages of comJnents, schedules, exhibits, graphs, and charts, with <br /> <br />special sections on: system gross valuation; depreciation; hydro-electric plant; <br /> <br />electric fund balances for appropriation; street lighting; traffic control <br /> <br />signals; personnel; taxes; school utility tax; rates; electric service cost - <br /> <br />city facilities; service costs to churches; ownership by city of utility; capital <br /> <br />program of electric utility; miscellaneous items; city tax valuations and bonded <br /> <br />indebtedness; capital improveroont projects city-wide; and SUJTlT[1.ary. The report <br /> <br />began "with a transmittal memorandum and concluded with a summary (of findings), <br /> <br />as follows: <br /> <br />To: <br />From: <br />Subject: <br /> <br />The Mayor and the Members of the City Council <br />City Mana ger <br />study of Electric Utility <br /> <br />The City Council, in regular meeting of August 25, 1959, received a letter <br />proposal, of same date, from the Appalachian Power Company in offer to <br />purchase the electric utility system owned and operated by the City of <br />Martinsville. A copy of that letter follows and is self-explanatory. <br /> <br />Upon receipt by City Council of the proposal, the Council favorably <br />accepted a suggestion that the administrative personnel of the City <br />evaluate the operation of the electric utility and the purchase proposal <br />and report to Council as to their firrlings. <br /> <br />This report constitutes the evaluation and analysis of the matter and is <br />thus submitted to the City Council for consideration. <br /> <br />In every instance total effort has been to appraise aspects of the utility <br />on the basis of factual data at hand. Where stated opinion or summary <br />appears to be bias in an instance it is because circumstances and facts <br />substantiate such a reaction. To the extent possible, data used in the <br />various schedules has been derived from or checked against the annual <br />audits by certified public accountants of the city accounts. <br />