HomeMy WebLinkAboutRES 1943-06-15 - BoardRESOLUTION NO.
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3 WHEREAS, the Board of Directors of Truckee Public Utility
4 District has investigated and considered, and now finds, that in
5 the judgment of said Board it is for the best interests of said
6 District to acquire, own, operate, control and use all of the
7 -property and assets of the i,AcGlash.an Water Compan y, save and ex-
8 cept the cash on hand. and accounts receivable of said Company; and
9 WHEREAS, the Board of Directors of said District has
10 solicited for offers for sale to the District of the existing
11 works of McGlashan Water Company; and
12 WHEREAS an offer has been received by said District from
13 McGlashan Water Company for the sale to said District of all the
14 property and assets of �AcGlashan Water Company, save and except
15 its cash on hand and accounts receivable; and
16 WHEREAS, the Board of Directors of TruQkee, Public Utility
17 District has caused to be -,)ro--Qared plans and estimates of the
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18 cost of the original construction and completion by said
19 District of works wimilar to the works of McGlashan Water Com-
20 i)any; and
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WHEREAS, said, plans and estimates are now on file with
22 1, said District; and
23,i WHEREAS' said District has caused to be prepared estimates
24 of the revenue that can be expected to be derived from the
25 works of McGlashan Water Company to be acquired b,.r said District;
26 and
27 WHEREAS, said District has also caused to be prepared an
28 estimate of the revenues that can be expected to be derived from
29 the public utilities of said District;
30 NOW, THEREFORE, it is hereby determined that the public
31 interest of Truckee Public Utility Districtdemands the acquisi,"
32 tion by said. District of all of the property and works of
'HAMBERLAIN
ORNEY AT LAW
COUNTY BANK
UILDING
APHONE 331
RN, CALIFORNIA
1 AcGlashan Viater Com-pany, save and except the cash on hand and
2 accounts receivable of r,AcGlashan Water Company, and the Board
3 of Directors of said District further determines that the offer
4 for sale of the nronertjr and works of the r1cGlashan Water Com-
5 nary, except cash on hand and accounts receivable, is fair and
6 reasonable and is not disproportionate to the value thereof, and
7 that the cost of said-roperty to be so acquired is less than the
8 cost of original_ construction of works similar to those to be
9 acquired by the District from the McGlashan dater Company, and
10 the Board of Directors of said. District further finds that the
11 cost of the acquisition of said -property and works can be paid
12 from the revenues derived from the public utilities of said
13 District, andthat it is not necessary to incur any bonded in-
14 debtedness of s aid District for the acquisition of said p roperty
15 and works of rMcGlashan eater Company;
16 Now, therefore, BE IT RESOLVED that all steps necessary
17 or ?goner to be taken to acquire all of the assets and property
18 of the. i'IicGlashan eater Company, save and except its cash on hand
19 and accounts receivable, shall be taken by the officers and
20 directors of this District; and
21 BE IT FURTHER RESOLVED that the purchase pr. ice of the
22 property and works to be acquired by Truckee Public Utility
23 District from McGlashan Water Company is the sun of Fifteen
24 Thousand 415,000.00) Dollars, legal tender of the United States;
25 I� that said purchase price is to be paid as follows: The sum of
26 Twelve Thousand Five hundred ($12,500.00) Dollars in cash, and
27 the sum of Twenty-five Hundred. (62500.00) Dollars by the exten-
28 sion of the right by the District to those stockholders of
29 !AcGlashan Water Company who have elected to avail themselves of
30 the Privilege as to one or more of the share held by such stock-
31 holder is 'AcGlashan 'dater Company or :tht right to receive, f ree
32 of charge, for a. period. of fifty (50) months from the date of
T. L, CHAMBERLAIN
O RNEY AT LAW
rLER COUNTY BANK
BAI ILOINO
LEPNONE 331
A' RNA CALIFORNIA
aY.
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I sale to said District of said McGlashan dater Company property
2 and. works, at a. point on -District's -pipeline nearest to a
3 designated -property in the Town of Truckee, for use on said
4 property, a quantity of water for which said District would
5 change at its established rate, in the absence of such agreement.
6 the sum of $2.00 ner month; provided, that said right shall not
7 be extended as to more than fifty (50) shares of 14cGlashan
8 Water Compamy stock; and
9 BE IT FURTHER RESOLVED that the sum of Seventy-five
10 11undred (7500.00) Dollars of the rurchase price shall be
11 borrowed from the Bane of America, National Trust & Savings
12 Association, or such other bank, banking corporation, cornora-
13 tion, individual or individuals, as shall be willing to loan said
14 sum to the District at a rate of interest of not to exceed
15 five (56) per cent Per annum, and said sum of Seventy-five
16 hundred 47500.00) Dollars, shall be. repayable -,An, monthly,
17 quarterly, semi-annual or annual installments aggregating not
18 less than the sum of Fifteen Hundred ($1500.00) Lollars in any -
19 ! one year; and
20 BE IT FURTHER RESOLVED that Five Thousand ($5,000.00)
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21 Dollars of the purchase price of the property and works to be
22 acquired from McGlashan Water Company shall be paid from the
23 funds of the District now on hand.
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T. L. CHAMBERLAIN
ATTORNEY AT LAW - S
J'-
PLACER COUNTY BANK
BUILOINO
TELEPHONE 331
AUBURN, CALIFORNIA