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TUESDAY, FEBRUARY 24, 1998 <br /> <br />the franchise as presented, and that the Council could rest assured that it will serve the community quite well. <br /> <br />Council Member Teague noted that the agreement called for a capital investment of over $15 million by <br />Adelphia, with significant improvements in service. <br /> <br />Council next considered adoption of a Resolution regarding the City's position with respect to proposals for <br />restructuring of the electric utility industry in the United States. Upon motion duly seconded, and by <br />unanimous vote, Council adopted the following: <br /> <br />RESOLUTION <br /> <br />WHEREAS, the electric utility industry is undergoing legislative and regulatory review at the Federal and <br />State levels for possible restructuring that could affect all power proriders and electfie customers in the <br />Commonwealth of Virginia; and <br /> <br />WHEREAS, the City of Martinsville, Virginia, and its citizens have chosen to own, op-rate and maintain an <br />electric power system and has done so for ninety-seven (97) years for the benefit of its citizens, joining over <br />2,000 other municipalities across the U.S. as the first entities in the country to collectively negotiate for or <br />"aggregate" electricity on behalf of residential customers, small businesses and industry; and <br /> <br />WHEREAS, Virginia and almost all other states are very actively studying restructuring and moving forward <br />with decisions on the implementation of customer choice in light of their individual circumstances; and <br /> <br />WHEREAS, the local, self-regulation of municipal electric utilities in Virginia has served the public well, <br />allowing local citizens unparalleled control of their own electric rates and quality of service while providing <br />reliable and competitively priced power to its citizens; and <br /> <br />WHEREAS, ifrestructuring occurs it should be designed to maintain electric system reliability and preserve <br />existing utility service areas to avoid costly, inefficient and unsightly duplication of facilities; and <br /> <br />WHEREAS, existing transmission constraints in this region of the country prohibit access to wholesale <br />suppliers of power to effect real competition and reduce market power; and <br /> <br />WHEREAS, access to the high voltage transmission system in Virginia and across the nation is essential to <br />promote competitive electricity markets and efficient, economical and reliable operation; and <br /> <br />WHEREAS, "private use" restrictions on the use of municipal bond financing authority limits the ability of <br />municipal electric systems to be competitive with the investor-owned and electric cooperative utilities that <br />enjoy substantial tax advantages and subsidies; now, therefore, <br /> <br /> <br />