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HomeMy WebLinkAbout10486RESOLUTION NO. 10486 A RESOLUTION AUTHORIZING A GOOD FAITH OFFER FOR THE PURCHASE OF AQUILA, INC.'S ASSETS WHEREAS, the City Council is submitting to a vote of the registered electors of the City of Pueblo at the general municipal election to be held November 8, 2005 a proposed amendment to the Charter of the City authorizing the creation of an electric utility enterprise and the acquisition by the enterprise of assets of Aquila, Inc. used for operating, generating and transmission of electricity within the City and other areas of Colorado ( "Aquila Assets ") ( "Charter Amendment "), and WHEREAS, City's consultants have examined and evaluated the Aquila Assets and determined that the acquisition of Aquila Assets and operation of an electric utility by the enterprise is feasible on a technical, operational, economic, financial and legal basis, without a rate increase for a reasonable period of time, and WHEREAS, City's consultants have preliminarily valued Aquila Assets at $140 million. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 Subject to the people approving the amendment to the Charter, and after further due diligence investigation and evaluation, City staff is authorized to make a good faith offer of $140 million for the purchase of Aquila Assets. SECTION 2 This Resolution shall become effective upon final approval and passage. 4 s INTRODUCED August 22, 2005 BY Michael Occhiato Councilperson