Book 14 (January 1950 - July 1954) - City of Oxford

91~Mlt-JU"[f,_ .BOOK No. 14, CITY OF OXfORDOEM-EN! - MERIDIAN'--""I,lIl-'-'----''----''---'-'-'=-'----''''=''-====:.-~, --'=-' --" ;-" '-'-=- .~-,---,,=~=-" '-' ---' -' -==-,;,,,--".=,,---,-,_, .. ,,,-, _____ '=c. .... -,---,--"- '''-~~''-'=-====;F=~l(b) Maxi.mum rteturn.Adjustments in Municipality's investment in the electric systemshall be made as necessary fran time to time am in any case at the end of each fiscal year.Municipality shall receive a return on this investment each month.not to exceed one-half (!) of. one (1) percent per DDnth, canputed on the basis 0 f the investm~t as of the last day of the monthnext preceding. In the event revenues of the electric system sufficient for the payment of suchretuzn are not available, an amount equal to the portion of the computed return not paid shall beadded to lt4micipality's investment at the end of each fiscal year.(c) Payments in Lieu of Taxes. Municipality may take from the electric department revenuesor funds far the general funds of Uunicipality an amount in lieu of taxes (representing a fair sharenof the cost of government propa--ly to be borne by it s .electric distribution systEIII.) to be determined:'subject to the terms am conditions hereinatter stated.(1) To the extent surplus revenues are available after the satisfaction of aUitems set forth in subsections (a) through (d) of section 9 of the Power Contract, 16micipalitymy take fran the electric departnent revenues or funds for the general funds of Municipality ananrunt calculated by applying the prevailing nnmic ipal property tax rate to the value of theproperty used in electric operations within the municipal limits.(2) To the extent surplus revenues are available after the satisfaction of. allitems set forth in subsections (a) through (d) of section 9 of the Power Contract, lfunicipalitymay take from the electric department revenues or fmds for the gemral fums of Municipalityan amcunt calculated by a pp1ying the prevailing county and state tax rates to the value. of theelectric system; provided, however, that if lfunicipality shall, directly or indirectly, arxlvoluntarily or otherwise, make allY' payment or paynents out. of electric system revenues or fundsto the state am!