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-I <br />JAN 18 194INK <br />55 <br />f,^,�L <br />public interest and the <br />rates proposed are fair <br />and <br />reasonable. Attorney Micale wished to draw the Commission's <br />attention to the fact that the revenue requirement that will <br />be presented by the company's witnesses is predicated on the <br />company obtaining the industrial revenue bond issue at an <br />assumed rate of 90. Bond Counsel has advised that Congress <br />has a pending revision intended to become retroactive to <br />1/1/84 which could affect the taxability of the income of <br />the proposed revenue bonds. If that is so and they have to <br />obtain financing from some other source, Attorney Micale <br />suggested that their rate would be considerably higher. <br />Chairman Scurlock requested that Attorney Micale <br />address the -issue of present rates, and Mr. Micale stated <br />that he was not prepared to address that issue. <br />Samuel K. White, speaking on behalf of The Moorings <br />Property Owners Association, informed the Board that they <br />are ready to proceed on either issue. <br />Chairman Scurlock called a five minute recess to give <br />a <br />Attorney Micale an opportunity to check with his clients in <br />regard to addressing present rates. <br />Chairman Scurlock reconvened the meeting with the same <br />members present and announced that he suggested to Attorney <br />Micale that if he does not have any testimony to present <br />regarding the existing rates, that Mr. White be allowed to <br />read his testimony into the record. <br />Attorney Micale wished to state for the record that <br />they have furnished to the interveners all information <br />requested, and further noted that he would have felt that <br />out of courtesy, they would have been apprised of the issue <br />re the existing rates to give them an opportunity to <br />prepare. Mr. Micale stated that he certainly did not object <br />to the Board calling another hearing at which time all <br />issues re the existing rates might be addressed. <br />23 <br />