1951-418 r. r
it�SOLUTIQT 110. 418
A 2Z:SOLirITON oPI��xllc 'i'�i.: I�vtzc}t�5_, 0±� cOr1�U:.iy.,s
VIATult C(KPiJ1Y BY TIE: CIW OF CORAL GAB"— AT A
PRICr, OF $2,750,000.00.
,IFIMEAS) the City Of Coral Gables has under consideration
the IeurzhaL;,; cf Consumers .Vater Company at a price of $2t7509000.002
and
'vdMRiASj the report Of utility exerts as .well as the utildtyts
own auditor Is report bears out the fact that the price asked is
greatly in excess of the net worth of the concern, and
the City Of South Miami is vitally interested in
Consumers slater Comps , operations by virtue of a thirty-year franchise
granted the said Consumers ;later Company on October 19, 19482
WR='FCREt BE IT RESOLVED BY TFM MAYOR AND TIE CITY
COUNCIL OF SOWTH MIAMI) FLORIDA:
That the City of South Miami go on public record as opposed
to the purchase of the Consumers ;later Company by the City of
Coral Gables at the price of $2t750,000.00, because it is considered
that the approximately $4000x000.00 profit to be realized by
j
Consumers Mater Company from this sale is not to the best interests
i of the many consumers in South Miami using said Companyts water
system] in that the exorbitantly high purchase price for the said
distribution system offers no hope for a reduction in rates.
PASSED AND ADOPTED this 22nd day of Jung A. D. 1951.
I
AT Z O and Preside 5ETfEe-City
c
Council
C er