Minutes 08/25/1959 - Laserfiche WebLink

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€ TUESDAY AUGUST 25. 195~ .-- The regular semi-monthly meeting of the Council of the City of Martinsville, Virginia, with IvIayor John H. Shultz presiding, '.Jas held in the Council Chamber, City Hall, Tuesday, August 25, 1959, at 6:.30 P.N., all members being present, as follows: Hayor and CounciL'nan John W. Shultz; Vice-Hayor and Councilman E. E. Stone; and Co~~cilmen Thomas J. Burch, Clarence C. Donavant, and J. Frank 1Ulson. .- After the invocation, Council approved as read the minutes of its regular meeting held August 11, 1959 and of its special meeting held August 1.3, 1959. Hr. R. E. Hodges, Assistant General 1-fanager, H['. J. D. Imll"ence, Roanoke Division }bnager, and other representatives of the Appalachian Power Company, with 1~. Hodges as sp~cesman, appeared before Council and presented the following written report and purchase offer: At the request of the City Council of MartL~sville, Appalachian Pmrer Company has made an inventory of the physical property of the City's electric system. This inventory indicates a gross value, or gross plant of $1,707,255.QO, which properly depreciated, reflects a net value of $1,.354,884.00. A detailed analysis of this inventory is being furnished to your Ci ty l-fanager. At the invitation of City Council, ?ppalachian desires to submit a proposal for the purchase of the City's electric facilities, subjec% to the following provisions: 1 . The acquisition of the property 1Jould be subj ect to approval of any and all regJlatory bodies having jurisdiction. 2. Upon approval by the Virginia State Corporation Commission, Appalachian would promptly put into effect for all customers, the general schedlue of rates, rules and regtuations of the company which are nOVl in effect ir similarly classified areas served by it. (Our information is that l-l8.rtinsville's present rates are generally the same as Appalachian's rates.) .3. The City would grant to Appalachian, free of additional costs, a .30-year consumers franchise for operating the electric utility system in the City of l:Jartinsville.