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03/23/1987 Council Minutes (2)
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03/23/1987 Council Minutes (2)
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City Council
Council Document Type
Council Minutes
Meeting Date
03/23/1987
Council Meeting Type
Regular
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052 <br />distribution system in the City shall be the total of the <br />following: <br />(a) As to the Grantee's gas distribution system in the City <br />as it existed on July 1, 1986, the amount paid shall be <br />the actual cost of construction of said portion of the <br />system, including without limitation the pro rata share <br />of any reasonable construction, financing, adminis- <br />trative, legal or engineering costs incurred in <br />connection with such construction, less depreciation, <br />all of the foregoing as determined by generally <br />accepted accounting principles. <br />(b) As to any portion of Grantee's gas distribution system <br />in the City constructed after July 1, 1986, including <br />any reconstruction of or improvements to the system as <br />it existed on July 1, 1986, the amount paid shall be <br />the greater of the following: <br />(i) 125% of the actual cost of construction of said <br />portion of the system, including without limita- <br />tion the pro rata share of any reasonable <br />construction, financing, administrative, legal or <br />engineering costs incurred in connection with such <br />construction, less depreciation, all of the . <br />foregoing as determined by generally accepted <br />accounting principles; or <br />(ii) The actual cost of construction of said portion of <br />the system, including without limitation the pro <br />rata share of any reasonable construction, <br />financing, administrative, legal or engineering <br />costs incurred in connection with such construc- <br />tion, but not including depreciation, all of the <br />foregoing as determined by generally accepted <br />accounting principles. <br />In no event, however, shall the price for the entire system be <br />less than the cost of retiring all outstanding bonds or other <br />obligations issued by the Grantee attributable to the gas <br />distribution system in the City, plus the amount of any contract <br />demand costs allocable to the Grantee's gas distribution system <br />in the City that Grantee is unable to eliminate. The entire <br />purchase price shall be paid at the time of closing. If the <br />Grantee and the City cannot agree on the terms and conditions of <br />-8- <br />1 <br />
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