1961-06-01 - Resolution 1961-05 - Purchase of Buffalo Utility Company 401
R-61-5
RESOLUTION
WHEREAS , for some time last past the President and
sundry members of the Board have considered it to the best
interest of the Village to own and operate the sewer and
water facilities in the Village, and
WHEREAS , for some time last past negotiations have
been carried on with the builders and Buffalo Utility Company
for the acquisition of the same and no agreement has been
reached on the matter of ownership of facilities or parts
thereof and the price to be paid therefore, and
WHEREAS , the Buffalo Utility Company has filed its
1960 report with the Illinois Commerce Commission wherein
the value of the facilities have been scheduled as $315,694.56,
and
WHEREAS , in order to resolve the dispute without
resorting to the courts, it is the opinion of the President
and majority of the Board that a compromise offer should be
made to the Utility Company,
NOW, THEREFORE,
BE IT RESOLVED by the President and Board of
Trustees that the President be and he is
directed and authorized to offer the Buffalo
Utility Company the sum of $315 ,694.56 plus
cost of installations made since December 31,
1960, for all sewer and water facilities .
claimed by the Utility to be its property
within the Village. Said offer to be in
writing and to be contingent upon written accep-
tance by the Utility on or before the opening
I
of the regular July, 1961 meeting of the Board.
BE IT FURTHER RESOLVED that said purchase
price be paid by a Water and Sewer Revenue
Bond Issue in an amount sufficient to cover
same.
BE IT FURTHER RESOLVED that the Village
Attorney be and he is authorized and directed
to prepare and submit to the President and
Board necessary bond ordinance for such purpose.
PASSED THIS 1ST DAY OF JUNE, 1961
APPROVED:
- Rresident
'ATTEST:
Village Clerk
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