5/31/1988 - Laserfiche WebLink

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TO: Board of County Commissioners L. f I FROM: C arles P. VitUnac, County Attorney DATE: May 23, 1988 RE: AUTHORIZATION TO EXECUTE CONTRACT OF PURCHASE NORTH BEACH WATER COMPANY Board Meeting - May 31, 1988 On March 15, 1988, the Board held a public hearing, as required by state law, to consider the proposed purchased by the Board of the North Beach Water Company. Attached to this memorandum is a copy of the memorandum written to the County Administrator, which explains the terms of the contract. After the public hearing the Board authorized execution of the contract when it was brought back to the Board signed by the seller. Attached is that contract, ready for execution by the Chairman, and it is presented to the Board today for authorization to execute this contract and to proceed with the closing. Attorney Vitunac noted that Utilities Director Pinto and Chairman Scurlock negotiated the proposed agreement with Terry Hess and George Liner, of North Beach Water Company, who are in the audience today, and it was brought before the Board before at the public hearing required by law. The public was supportive. This purchase will be funded from a surcharge on the customers of that system only, and since the county rate is about $13 a month lower than the existing rate, even with the surcharge they will pay the same amount of money, and the system will pay for itself. No tax money is involved, and it will be.bought with a bond issue. Chairman Scurlock believed this is contingent on the financing, and this was confirmed by Attorney Vitunac, who noted that it gives.us until November 1st to close the bond issue. Commissioner Eggert had questions.about the final price, and Attorney Vitunac confirmed that the price has been negotiated down to a set figure of 3.1million. It was noted that there was no one present who wished to offer any comments. 90 [WAY 31 now. 72 Fnl; 49