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o <br />14 <br />9 <br />1 <br />ATTORNEY COLLINS STATED THAT HE DID NOT FEEL THAT ONCE YOU ARE <br />CONNECTED TO THE SYSTEM, YOU COULD CHANGE, AND COMMISSIONER SCHMUCKER NOTED <br />THAT THE LOTS ARE TOO SMALL TO ALLOW FOR A SEPTIC TANK AND WELL SYSTEM. <br />CHAIRMAN SIEBERT EXPLAINED THAT THE BOARD MUST GUARANTEE THAT <br />THE COMPANY IS ABLE TO OPERATE AND PROVIDE ADEQUATE WATER AND SEWERAGE, BUT <br />IS UNDER NO OBLIGATION TO SEE THAT THEY MAKE A PROFIT.. HE THEN INFORMED <br />ATTORNEY HENDERSON THAT THE BOARD WILL SHORTLY CLOSE THE PUBLIC HEARINGS ON <br />BOTH THE TRANSFER OF FRANCHISE AND THE RATE INCREASE AND COULD NOT GUARANTEE <br />IF THEY WERE GRANTED THE TRANSFER, THEY WOULD ALSO BE GRANTED THE RATE IN- <br />CREASE. <br />ATTORNEY HENDERSTON STATED THAT THEY ARE CONTRACTUALLY OBLIGATED <br />TO ACCEPT THE TRANSFER, BUT NOTED THAT WITH A RATE INCREASE THAT STILL PRO- <br />DUCES A LOSS THEY WOULD HAVE A SERIOUS PROBLEM, <br />CHAIRMAN SIEBERT NOTED THAT WE DO NOT AGREE ON THE FIGURES EITHER <br />WITH REGARD TO THE AMOUNT OF CUSTOMERS OR THE AMOUNT OF REVENUE GENERATED <br />COMMISSIONER WODTKE QUESTIONED ATTORNEY HENDERSON FURTHER IN <br />REGARD TO THE FINANCIAL STATEMENT AND ASKED HOW THEY PLANNED TO CAPITALIZE <br />THE $70,000 INVESTMENT. <br />ATTORNEY HENDERSON STATED THAT THEY WILL HAVE TO BORROW THE MONEY, <br />AND THEIR BORROWING POWER WILL DEPEND A LOT ON THE INCOME GENERATED. <br />MRS. JUANITA AYERS OF 629 4TH PL., S.W., NOTED THAT THE FIGURES <br />PRESENTED ARE UNAUDITED AND DID NOT FEEL IT IS FAIR TO BASE A RATE INCREASE <br />ON UNAUDITED FIGURES. <br />MR. .JOHN MINTON OF W. 0. DALEY & COMPANY, C.P.A., STATED THAT HE <br />HAD PREPARED THESE FINANCIAL STATEMENTS FROM COMPUTER PRINT-OUTS SUPPLIED HIM; <br />THAT HE HAD SIMPLY TAKEN THESE FIGURES AND REARRANGED THEM INTO A SIMPLIFIED <br />STATEMENT, AND HIS COMPANY COULD NOT CERTIFY THE FIGURES. <br />CHAIRMAN SIEBERT EXPLAINED THAT THE BOARD DOES NOT REQUIRE AN <br />AUDIT, AND IF THEY DID, IT WOULD BE EXTREMELY EXPENSIVE. <br />ON MOTION BY COMMISSIONER Loy, SECONDED BY COMMISSIONER SCHMUCKER, <br />i <br />THE BOARD UNANIMOUSLY CLOSED THE PUBLIC HEARING IN REGARD TO THE TRANSFER OF <br />SOUTHERN GULF UTILITIES WATER AND SEWER FRANCHISE TO TREASURE COAST UTILITIES. <br />ON MOTION BY COMMISSIONER WODTKE, SECONDED BY COMMISSIONER Loy, <br />I <br />THE BOARD UNANIMOUSLY CLOSED THE PUBLIC HEARING IN REGARD TO A PROPOSED RATE <br />INCREASE FOR TREASURE COAST UTILITIES. <br />I <br />1 <br />i <br />APR 2 0 19%A <br />8t �a <br />A <br />