7/19/1978 - Laserfiche WebLink

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COMMISSIONER SIEBERT POINTED OUT THAT YOU ARE LOOKING FOR A RETURN ON AN INVESTMENT YOU DON'T HAVE. MR. EDELSTEIN NOTED THAT IS THE ONLY WAY THEY WILL BE ABLE TO PAY THE COST OF THE ADDITION. THE ATTORNEYS THEN SUMMARIZED THEIR PRESENTATION. ATTORNEY BOGOSIAN NOTED THAT AT THE LAST HEARING, HE HAD INFORMED THE.. -BOARD THAT THE SYSTEM WAS IN TROUBLE AND THE STATE WAS THINKING OF CLOSING IT, AND THE SITUATION IS STILL THE SAME, HE PREVAILED UPON THE BOARD TO KEEP IN MIND THE'FACT THAT THIS UTILITY WAS CHARGING A VERY MODEST RATE FOR THESE SERVICES FOR 16 YEARS, AND NOTED THAT IT IS HARD FOR HIM TO BELIEVE THAT THE MODEST FEE CHARGED FOR 16 YEARS COULD HAVE ACCUMULATED VERY MUCH PROFIT FOR THE COMPANY, ATTORNEY BOGOSIAN STATED THAT THEIR REPORT SUB- STANTIATES THE FACT THAT WITH THE INCREASE, THERE HAS BEEN A VERY NOMINAL PROFIT OF $107. HE AGREED THAT THE WATER CERTAINLY IS NOT THE BEST WATER, BUT FELT THAT THE EXAMINATION BY THE HEALTH DEPT. INDICATES THAT THE WATER IS AT LEAST REASONABLY SUITABLE. ATTORNEY BOGOSIAN STATED THAT HE DID NOT FEEL THEY HAD A PROBLEM WITH THE WATER, BUT THAT THE PROBLEM WAS WITH THE SEWER PLANT, AND CONCLUDED BY ASKING THAT THE BOARD GRANT THE_ENTIRE INCREASE REQUESTED. ATTORNEY KRAMER ASKED WHETHER IT IS NOT TRUE THAT THE PLANT WAS DESIGNED AND INSTALLED FOR IXORA PARKLAND EAST VIEW GARDENS WAS LATER ADDED. MR$, TANEN STATED THAT WAS NOT TRUE BECAUSE THE PLANT ORIGINALLY WAS DESIGNED FOR 300 UNITS. ATTORNEY KRAMER FELT REPRESENTATIONS OF THIS*SORT SHOULD BE CHECKED BY THE BOARD. -HE THEN ASKED IF THEY HAD MORE THAN TWO EMPLOYEES, AND MR. TANEN STATED THAT THEY HAVE THREE, ATTORNEY KRAMER STATED THAT HE HAS GOTTEN THE IMPRESSION THAT THEY HAVE HAD A CHARITABLE INSTITUTION OUT HERE FOR -THE LAST 18 YEARS SINCE THEY DIDN'T TAKE ANY SALARIES, GET ANY DIVIDENDS OR PROFITS, ETC. ATTORNEY KRAMER POINTED OUT THAT THE RATES WERE DOUBLED, AND ASKED WHERE DID THEY GO? 148 JUL 19 1978 `• 450