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William C. Wodtke, Jr., Chairman <br />Board of County Commissioners of Indian River County <br />June 5, 1979 <br />Page Two <br />such loan. It will be necessary to apply for a rate increase <br />and/or an expansion of this Company's franchise area. <br />Moreover, the bank desires clarification of the intentions <br />of Indian River County about going into the utility business <br />prior to any such loan being repaid. <br />You informed me at the meeting that the county was <br />continuing to proceed with its water plans, that my system <br />was included in said plans and that same could be taken <br />over within three years and certainly before five to <br />eight years. <br />My efforts and investments of money for the purpose <br />of working out the sewage treatment problems (among others) <br />are realizing diminishing returns in the climate of <br />investment uncertainty. <br />I believe that it is in the best interest of both <br />the County and myself to attempt negotiated buy-out of <br />the County's system while we are at this pivotable point <br />and before the value of the system would increase markedly <br />Also to be considered are the County's utilities customers <br />and future developers to the extent there would be a <br />detioration and/or contraction of services. <br />I propose that the County either buy out the utility <br />system or that we work out certain guaranties and/or <br />subsidies which would clear up the long-term capital <br />investment picture for me. I will be candid concerning <br />the accurate values of the system and of my investment. <br />If you have any thoughts in this regard, please don't <br />hesitate to contact me. I need to move quickly because of <br />insistence by the sewage treatment plant's seller, the DER <br />and my funding bank. <br />Very truly u <br />Donald Travis salter <br />em <br />cc: George G. Collins, Jr., County Attorney <br />JUN 61979 <br />a <br />ROOK 40 PA CF 442 <br />I <br />