HomeMy Public PortalAbout1774-1959 - To Sell Certain Electic Distribution Facilities Located Within or Adjacent To The Coroporate Limits of the Cityr =j
ORDINANCE NO. 1774-1959
CITY OF RICHMOND, INDIANA
WHEREAS the City of Richmond., Indiana (hereinafter
called. "this City") is the owner of and operates the electric
utility facilities in and. adjacent to this City; and.
WHEREAS Public Service Company of Indiana, Inc. .(here
inafter called. "Service Company"), an Indiana corporation, is
the owner of and operates certain electric facilities (herein-
after called the "Subject Property"), hereinafter more parti-
cularly described in the contract set out in the fourth preamble
of this Ordinance, located in and adjacent to this City and, has
offered to sell the same to this City; and
WHEREAS the Common Council of of this City has the
power under the laws of the State of Indiana to authorize the
purchase of the Subject Property; and.
WHEREAS the Common Council of this. City deems it desir-
able that this City purchase the Subject Property, and. Service
Company has made to this City a written offer to sell the Subject
Property upon the terms and. conditions of the following proposed
contract (hereinafter called. the "Subject Property Contract"),
to -wits
WHEREAS the Common Council of this City believes
that it is in the best interests of this City, and `of the
electric consumers served. by it, that the Subject Property
Contract be made and, entered into, and that, if the conditions
for the consummation of the purchase therein provided for can
be met, the Subject Property be purchased. from Service Company
pursuant to the terms thereof:
NOW,�THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL
of this City that:
Section ^1. The City shall and, it does hereby accept the
aforesaid offer to sell the Subject Property which has been made
by Service Company, and that the City shall through its duly
qualified., constituted., and. acting Board. of Public Works and.
Safety of this City execute and. deliver the Subject Property
Contract for and. on behalf of this City.
Section 2. The Board. of Directors of the Municipal Lighting
and. Power Plant, of this City, which is the governing body of the
municipally -owned, utilities of this City, be and. it is hereby
authorized to use so much of the Utility Depreciation Fund of
this City as is necessary to purchase the Subject Property from
Service Company under and, pursuant to the terms of the Subject
Property Contract.
Section 3. The Board of Public Works and Safety of this City
be and they are hereby authorized, empowered and directed to --take
or cause to be taken all steps necessary, or in the opinion of the
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Board. of Directors of the Municipal Lighting and. Power Plant
of this City, desirable, in order that the obligations of the
Subject Property Contract may be fulfilled and.•that the Subject
Property may, at the earliest practicable d.ate,'be purchased by
this City under and pursuant to the terms of the Subject Property
Contract.
Section 4. This ordinance is passed upon the same day and
at the same meeting at which it is introduced and it is passed.
by the unanimous consent of all of the members of the Common
Council of this City present and there are present and. voting
at least two-thirds of the members elect of the Common Council
of this City.
Section 5.. This Ordinance shall be in full force and. effect
from and after its passage.
PASSED this '%
ATTEST:
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Clerk-
d a;
9.
Presented by me to the Mayor of the City of Richmond,
Indiana, this '7 day of 1959.
Cler�er
APPROVED and signed. by me t d o 1959.
or
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