HomeMy WebLinkAbout1962-11-19 Council Minutes - Special Meeting1
SPECIAL STUDY SESSIJ.'! - Monday 19 Noveml,er 1962
Dick Morgan, Homer Shires, Lrnie t,nackstedt, "Bud" Lofstedt, Lark Sias -net with
Kenai Power Corp.(Frank Rowley an-! PoA Frank) and Homer Electric Association
(Larry Farnum, Ton Hurd and 5urton Carvcr) to iiscuss status of the City's
Franchise: with Kenai Power in tt.e event HEA Nuys the Corporation.
HEA states the franchise should he changed fro-m twenty years to 35 yrs. to co-
incide with their loan periods; also says the bigJest problem would be the
rates for present ILLA users in the City and those who would become HEA users
thru purchase of Kenai Power Corporation.
HEA says two sets of books would be kept and rates would depend on cost of
operation.
City Atty. Fisher questioner. how i;EA arrived at the price of 3430,000.00.
Ecch value of Kenai Power is $3509000.00 -(Franchise is valued at $29000.00)
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HHA can't approve a rate differential until facts and statistics are presented.
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