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It <br />14 <br />i <br />i <br />E <br />ATTORNEY STEVE HENDERSON APPEARED REPRESENTING TREASURE COAST <br />UTILITIES, INC. ALSO PRESENT WERE MR. LOWELL LOHMAN, PRESIDENT OF TREASURE <br />COAST UTILITIES, INC., AND MR. ED WERZYN, REPRESENTATIVE OF SOUTHERN GULF <br />UTILITIES. <br />ATTORNEY HENDERSON -STATED'THAT THIS IS ACTUALLY A DUAL APPLICATION <br />AS TREASURE COAST UTILITIES NEEDS TO HAVE THE FRANCHISE TRANSFERRED BEFORE <br />THEY CAN REQUEST A RATE INCREASE. HE INFORMED THE BOARD THAT THEY HAVE <br />SUBMITTED FINANCIAL STATEMENTS ON TREASURE COAST UTILITIES AND ASKED IF THE <br />COMMISSIONERS HAD ANY QUESTIONS ABOUT TREASURE COAST UTILITIES' QUALIFI- <br />CATIONS AND ABILITY TO HANDLE THIS FRANCHISE. <br />COMMISSIONER WODTKE NOTED THAT THE BOARD MUST DETERMINE THE <br />FRANCHISEE S ABILITY TO MAINTAIN SERVICES AND ASKED IF THERE WILL BE ADDI- <br />TIONAL CAPITAL GOING INTO THE COMPANY TO PURCHASE THIS UTILITIES COMPANY <br />FROM SOUTHERN GULF. <br />ATTORNEY HENDERSON STATED THAT THE ACQUISITION WILL BE PAID FOR <br />OUT OF CAPITAL ASSETS; THEY DO NOT ANTICIPATE ANY ADDITIONAL CONTRIBUTION <br />FROM THE STOCKHOLDERS. <br />ATTORNEY COLLINS INFORMED THE BOARD THAT THEY COULD VIEW THIS <br />TRANSFER REQUEST THE SAME AS IF IT WERE AN APPLICATION FOR AN ENTIRELY NEW <br />FRANCHISE, <br />THERE WERE NO FURTHER QUESTIONS, AND CHAIRMAN SIEBERT ASKED <br />ATTORNEY HENDERSON TO GO ON TO THE REQUESTED RATE INCREASE. <br />ATTORNEY HENDERSON STATED THAT THE ORIGINAL FRANCHISE WAS GRANTED <br />IN 1960, AND THE COMPANY IS STILL OPERATING UNDER THE SAME RATE SCHEDULE AS <br />IT EXISTED iN 1960. HE CONTINUED THAT THE COMPANY CAN ONLY EXPLAIN ITS FAIL- <br />URE TO APPLY FOR RATE INCREASES ON THE SIZE OF THE COMPANY AND CORPORATE <br />NEGLIGENCE. HE CONTINUED THAT THE SEWER PART OF THIS SYSTEM IS PRESENTLY <br />UNDER CITATION BY THE DEPARTMENT OF ENVIRONMENTAL REGULATION AS SET OUT IN A <br />LETTER WRITTEN TO THE BOARD BY THE DISTRICT MANAGER OF THE D.E.R. ENCLOSING <br />A COPY OF THE NOTICE OF VIOLATION. TO SATISFY D.E.R. REQUIREMENTS A SECON- <br />DARY TREATMENT PLANT WILL HAVE TO BE INSTALLED ON THE PROPERTY AT AN ESTI- <br />MATED COST OF APPROXIMATELY $70,000, ANDJHUS THEY ARE FACED WITH AN INITIAL <br />DISBURSEMENT OF $70,000 PLUS THE PROSPECT OF TAKING OVER A UTILITY SYSTEM <br />; WHICH HAS BEEN EXPERIENCING A LOSS OVER A LONG PERIOD OF TIME. <br />AOR -20-1976 . <br />2 <br />2 �.��:� <br />5_ ..2 <br />57 �.. <br />I <br />