4 - City of Oxford

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MINUTE BOOK No. 24, CITY OF OXFORD
paid by Oxford to North East inlieu of loss of revenue
by North East in ten (10) equal notes of Eight Thousand
Dollars ($8,000.00) each, or in ten (10) equal annual
installments in the same amount, the first note or
installment to be due and payable on or before June 30,
1970, with a similar note or installment to be due and
payable on or before the same day of each year thereafter
until all of such notes or installments have fallen due
and been paid. The indebtedness set out in this para-
graph shall not hear interest.
2.
Beginning on January 2, 1969, Oxford shall be responsible for all plant
additions to the facilities to he purchased by Oxford from North East, and the
acquisition shall he completed as soon as possible, but not later than June 30,
1969. During the transition period, North East shall continue to maintain and
operate the facilities to be acquired by Oxford and bill all customers using
such facilities until such time as Oxford shall have cut-over individual
customers to its power source when Oxford shall assume all responsibility for
maintenance and operation and billing or such customers.
In the interim, Oxford shall have the right to install street lights in
the areas which it will acquire from North East provided Oxford pays North East
on T. V. A. wholesale rates for kilowatt-hours used until Oxford finally takes
over the particular facility presently owned by North East supplying power for
Oxford's street lighting.
4.
After consumation of the purchase of the facilities as provided herein
and after the areas to be acquired by Oxford have been deleted from North East's
certificate of public convenience and necessity, Oxford agrees to transfer to
North East, prior to June 30, 1969, all customers being served by Oxford in
North East's then certificated areas and further agrees to transfer all of its
electric facilities and its interest in all easements and rights of way as they
then exist in such areas without cost to North East. In the meantime, North
East shall he responsible for all plant additions to the last-mentioned faci-
lities. Further, North East agrees to transfer to Oxford at the same time all
of its customers and electric facilities in the area to be acquired by Oxford
for the consideration heretofore set out.