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IS NECESSITATED BY STREET WIDENING REQUIRED BY THE DOT, THIS HAS <br />BEEN BID AT $34,580 AND SHOULD BE ACCOMPLISHED IN 1977. MR. WRIGHT <br />CONTINUED THAT THE COMPANY HAS A LIMITED SUPPLY OF WATER AND WILL <br />ONLY EXTEND SERVICE TO THOSE PRESENTLY LOCATED ON THE MAIN. IT IS <br />NOT EXTENDING SERVICE TO NEW DEVELOPERS. THEY WILL, HOWEVER, DELETE <br />AREAS FROM THEIR FRANCHISE TO ALLOW NEW DEVELOPERS TO SET UP THEIR OWN <br />SERVICE. MR, WRIGHT SPOKE OF THE DIFFICULTY OF INCREASING THEIR WATER SUPPLY, <br />NOTING THAT THE NUMEROUS SEPTIC TANKS PROHIBIT THEM FROM FINDING A NEW <br />SOURCE OF UNCONTAMINATED WATER. HE STATED THE NEAREST SOURCE OF WATER IS <br />SEVERAL MILES AWAY, WHICH WOULD MAKE IT TOO EXPENSIVE TO BE FEASIBLE. <br />ATTORNEY COLLINS SWORE IN MR. DAVID COFFEY WHO IS TO GIVE <br />ACCOUNTING AND FINANCIAL TESTIMONY. <br />MR, GATLIN REQUESTED THAT MR. COFFEY IS TESTIMONY, TYPED AND <br />PRESENTED IN A BLUE FOLDER, BE ACCEPTED AND MARKED "EXHIBIT I" AND <br />THAT THE ACCOUNTING DATA ENCLOSED IN A YELLOW FOLDER AND ENTITLED <br />"MID -FLORIDA UTILITIES, INC. - INDIAN RIVER COUNTY RATE CASE" BE <br />ACCEPTED AND MARKED "EXHIBIT 2." THESE DOCUMENTS ARE ON FILE IN THE <br />OFFICE OF THE CLERK. <br />MR. COFFEY STATED THAT THE RATE OF RETURN EARNED IN INDIAN <br />RIVER COUNTY FOR THE YEAR 1976 WAS ZERO, THE PRESENT RATE OF RETURN <br />IS ZERO, AND THE OPERATING INCOME FOR THE LAST 12 MONTHS WAS A' <br />NEGATIVE $5,029. HE INFORMED THE BOARD THAT IF THE REQUESTED RATES <br />ARE APPROVED, THE.RATE OF RETURN WOULD BE 10.9%. <br />ATTORNEY COLLINS SWORE IN H.G. MULLE OF HADDONFIELD, MEW <br />.JERSEY, WHO PRESENTED A DOCUMENT ENTITLED "TESTIMONY CONCERNING THE <br />COST OF CAPITAL AND FAIR RATE OF RETURN - H. G. MULLE" TO BE ACCEPTED <br />ANIS MARKED "EXHIBIT 3" AND A DOCUMENT ENTITLED "SUMMARY OF COST OF <br />CAPITAL AND FAIR RATE OF RETURN" TO BE ACCEPTED AND MARKED "EXHIBIT 4." <br />ATTORNEY.COLLINS POINTED OUT THAT THE TESTIMONY ALONE WAS 41 <br />PAGES LONG AND ASKED IN WHAT DEPTH MR. MULLE WILL BE TESTIFYING, NOTING <br />THAT THE BOARD HAS NO KNOWLEDGE OF WHAT IS IN THE DOCUMENT JUST PRE- <br />SENTED AS AN EXHIBIT. <br />3 <br />SEP 14 1977 1 <br />aLG´┐Ż . 31 WE 32 <br />