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TUESDAY, AUGUST 9, 1988 <br /> <br />WHEREAS, the Cities of Bedford, Danville, Martinsville, Radford, <br />Richlands, and Salem, Virginia, have coordinated their efforts <br />since 1972 to obtain low cost electric power from Appalachian <br />Power Company and the Southeastern Power Administration; and <br /> <br />WHEREAS, the federal government and the Federal Energy Regula- <br />tory Commission are proposing to change the electric power <br />industry by instilling competitive forces and deregulation in the <br />industry through proposed changes in regulations and policies; <br />and <br /> <br />WHEREAS, the Cities of Bedford, Danville, Martinsville, Radford, <br />Richlands, and Salem, Virginia, will have more credibility in the <br />new wholesale power marketplace if they form a municipal power <br />agency, as has been done in 34 states, in order to obtain low <br />cost wholesale power; now, therefore, <br /> <br />BE IT RESOLVED by the Council of the City of Martinsville, <br />Virginia, in regular session assembled August 9, 1988, that it <br />supports the formation of a municipal power agency to join with <br />the other communities as referred to herein in the formation of <br />the Blue Ridge Power Agency as a co-founder of said agency. <br /> <br />Upon recommendation of City Manager Brown, Council unanimously appropriated <br />from surplus from the following funds the following amounts to cover purchases <br />made in fiscal 1987-88 for which invoices remained outstanding at June 30, <br />1988, the amounts of which were reflected against opening balances estimated as <br />of July 1, 1988, in the development of the City's 1988-89 budget: <br /> <br />General Fund ............... $ <br />Water Fund ................ <br />Sewer Fund . . . . ....... . .... <br />Electric Fund .............. <br />Electric Capital Reserve Fund ...... <br />English Field Fund ............ <br /> <br />Total All Above Funds ........ <br /> <br />27,221.00 <br />2,922.00 <br />17,338.00 <br />62,499.00 <br />169,609.00 <br />21,770.00 <br /> <br />$301.359.00 <br /> <br />By letter (dated July 20, 1988) and in person, Mr. Steve M. Draper, Safety/ <br />Security Director for Pannill Knitting Company, Inc., informed Council that <br />Pannill Knitting Company will commit itself to paying the sum of (up to) <br />$3,333.00 (being one-third of the estimated cost of $10,000.00) towards the <br /> <br /> <br />