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4/14/2015 <br />They got us hel <br />ostage <br />Oct 2007 GREEN COVE SPRINGS , Don Bowles City <br />Manager <br />http://www.lalceworthmedia.com/modules.php?name=News&file=print&sid=i33 <br />"...they got us held hostage" says city manager Don Bowles <br />concerning FMPA. Green Springs Cove has announced they are <br />exiting from FMPA but got slapped with a $53,000,000 penalty. <br />Green Cove Springs has also discovered that lower cost power supply <br />exists right in their county -- the CLAY COUNTY ELECTRIC COOP <br />that offered them power at a rate 3o% below FMPA rates. "But they <br />don't want anyone leaving them," said Mr. Bowles, and they <br />have set it up so its too expensive to consider for most <br />municipalities." <br />How should FMPA exit costs be <br />determined? <br />• In order to understand if exit costs are reasonable, the <br />members cities must FIRST understand the <br />FAIR MARKET VALUE <br />of their investment in the FMPA. <br />• After over 3o years of ownership in the FMPA, the <br />pubic has a right to know. <br />