4 - City of Oxford

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9776.8— TtleZ
STATE OF MISSISSIPPI
COUNTY OF LAFAYETTE
MINUTE BOOK No. 24, CITY OF OXFORD
SALE AND PURCHASE AGREEMENT
WHEREAS, North East Mississippi Electric Power Association, hereinafter
referred to as North East, and the City of Oxford, Mississippi, hereinafter
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referred to as Oxford, each now own and operate electric distribution facilities
in and near Oxford, Mississippi, most of North East's facilities being located
outside Oxford's corporate limits, and most of Oxford's facilities being lo-
cated within Oxford's corporate limits; and
WHEREAS, Oxford has expanded its corporate limits from time to time and
North East now owns substantial facilities within the corporate limits of Ox-
ford, and Oxford owns minor facilities in an area being served by North East
outside Oxford's corporate limits; and
WHEREAS, Oxford and North East have orally agreed upon a sale and purchase
of certain of their facilities and desire to reduce such agreement to writing;
NOW, THEREFORE, this agreement is made and entered into in duplicate ori-
ginal on the day of January, 1969, by and between North East and Oxford
as follows:
North East agrees to sell, and Oxford agrees to purchase, all electric
distribution facilities, which North East represents to have a depreciated
valve plus reintegration cost of $255,000.00, together with North East interest
in all easements, rights of way and customer rights within the present cor-
porate limits of the City of Oxford, Mississippi, less and except such electric
transmission lines belonging to North East which must be used exclusively to
serve North East's customers outside Oxford's corporate limits, on the following
basis:
A. Oxford shall pay to North East, prior to June 30, 1969,
the sum of Two Hundred and Twenty-Five Thousand Dollars
($225,000.00) cash for all the electric distribution
facilities to be acquired by Oxford from North East,
this sum representing the depreciated value of all
power lines, plus cost of all tie lines necessary to
reintegrate North East's remaining system.
B. Oxford shall deliver to North East, prior to June 30,
1969, its promissory note or notes in the amount of
Eighty Thousand Dollars ($80,000.00) which shall be
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