Laserfiche WebLink
RESOLUTION NO, ~070 BY: <br /> <br />Messrs. Huffman, Lawther, <br /> Ward, Williamson, <br /> Chockley, Gaydos, <br /> Gottermeyer. <br /> <br /> AN EMERGENCY RESOLUTION petitioning the Governor and the <br />Legislators of the 10~th General Assembly of the State of Ohio <br />to support and enact legislation which will amend the present <br />statutory rate-making formula. <br /> <br /> WHEREAS, The State of Ohio is the only state of the United <br />States which prescribes a statutory formula of reproduction cost <br />new less depreciation as the sole measure of determining the <br />rate base in public utility rate-making~ and <br /> <br /> WHEREAS~ Property values under said rate-making formula <br />have tended to increase more rapidly than the rate of decrease <br />in the value of the dollar~ and <br /> <br /> WHEREAS, The common stockholder of an Ohio utility re- <br />ceives a double benefit from the effects of inflation, since he <br />receives the benefits of the increase in value of property pur- <br />chased through funds provided by the sale of bonds as well as <br />the increase in value of property purchased through his own in- <br />vestment~ and <br /> <br /> WHEREAS, This Council desires to record its persistent <br />opposition to the present rate-making formula on behalf of the <br />public which it represents~ <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br />CITY OF LAKEWOOD, STATE OF OHIO: <br /> <br /> Section 1. That the Governor and the Legislators of the <br />104th General Assembly of the State of Ohio be and they hereby <br />are respectfully petitioned to support and enact legislation <br />which will amend the present statutory rate-making formula, Provid- <br />ing the legislature after due debate and deliberation determine <br />that new legislation will, in fact, amount to a lessening of <br />utility rates for the citizens of Ohio. <br /> <br /> Section 2. That the Clerk of Council be and he hereby <br />is directed to transmit a certified copy of this resolution im- <br />mediately upon its adoption and signing by the Mayor to the <br />Governor and to the Legislators of the 10~th General Assembly. <br /> <br /> Section 3. That this resolution is hereby declared to <br />be an emergency measure and, provided it receives the affirmative <br />vote of two-thirds of all members elected to Council, it shall <br />take effect and be in force immediately upon its passage and ap- <br />proval by the Mayor; otherwise it shall take effect and be in <br />force from and after the earliest period allowed by law. <br /> <br />Adopted:..May 1, 1961 <br /> <br /> Wilson Chockley, Jr. <br />..... president <br /> <br /> P. M. Dearborn <br />Approved: May 4~ 1961 'ActinE' Clerk <br /> <br />Frank P. Celeste <br /> Mayor <br /> <br /> <br />