Subject: 20504/EPB/PropertySale,Transfer,Lease,etc.
Date: Thu, 16 Feb 1995 09:11:41 -0500


                             RESOLUTION NO.   20504 
                 
                 
                  A RESOLUTION AUTHORIZING THE SALE, TRANSFER,
                  LEASE, ASSIGNMENT, OR EXCHANGE OF CERTAIN
                  PROPERTIES HELD FOR THE USE AND BENEFIT OF THE
                  ELECTRIC POWER BOARD.
                 
                 
                                                    
                 
                 
       	    	 WHEREAS, the Electric Power Board of Chattanooga ("the
       Electric Power Board") was created under the provisions of 
Chapter
       455 of the Private Acts of the Tennessee General Assembly of 
1935,
       as amended (herein sometimes "the Enabling Act"); and
       	    	 WHEREAS, under the provisions of the Enabling Act the
       exclusive management and control of the operation of the Electric 

       Power Board is vested in the Board of the Electric Power Board,
       but with certain provisions therein with respect to accounting 
and
       disposition of revenues and assets; and
       	    	 WHEREAS, under the provisions of the Enabling Act the
       Electric Power Board is authorized to purchase, rent, lease, or
       otherwise acquire any and all kinds of property, real or 
personal,
       with the property to be titled in the name of the City of
       Chattanooga for the use and benefit of the Electric Power Board;
       and
       	    	 WHEREAS, the City of Chattanooga does hold title to
       certain real estate properties for the use and benefit of the
       Electric Power Board; and
0C
       	    	 WHEREAS, the Electric Power Board from time to time has
       and in the future may enter into one or more agreements to sell,
       transfer, lease, assign or exchange (herein sometimes "the real
       estate transactions") certain of those properties that it 
believes
       are no longer necessary or required for the operation of the
       Electric Power Board; and
       	    	 WHEREAS, the Electric Power Board has requested
       authorization from the City of Chattanooga, Tennessee, to execute 

       deeds and other relevant documents to effectuate such real estate 

       transactions; and
       	    	 WHEREAS, it is efficient to delegate to the Electric
       Power Board authority to execute deeds and other relevant
       documents to effectuate real estate transactions that are 
approved
       by the Board of the Electric Power Board;
                                NOW, THEREFORE,
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE:
       	    1.	 That the Chairman or the General Manager of the Electric 

       Power Board, or such other persons as may from time to time be
       authorized by the Board of the Electric Power Board, be, and they 

       hereby are, authorized to execute deeds or other documents in the 

       name of and on behalf of the City of Chattanooga, Tennessee, for
       the sale, transfer, lease, assignment, or exchange of property
       which has been or in the future will be acquired for the use and
       benefit of the Electric Power Board, and that the Secretary of 
the
       Electric Power Board or such other persons authorized by the 
Board
       of the Electric Power Board, be, and hereby are, authorized to
       attest the signature of the Chairman or General Manager or other
       authorized persons.
       	    2.	 That thirty (30) days prior to the sale, transfer,
       lease, assignment or exchange of real estate properties, the
       Electric Power Board shall notify the Chairman and members of the 

       City Council and the Administrator of General Services of the 
City
       of Chattanooga or such other person as the City of Chattanooga 
may
       designate by notice to the Electric Power Board, that the
       properties are surplus properties no longer needed for the
       operations of the Electric Power Board or, to the best of its
       knowledge, other public purposes.
       	    3.	 That prior to the sale, transfer, lease, assignment or
       exchange of real estate properties, and after notification to the 

       Chairman and members of the City Council and the Administrator of 

       General Services of the City of Chattanooga or such other person
       as the City may designate, the Electric Power Board shall submit
       same for approval or disapproval to the Planning Commission as 
may
       be required by Tennessee Code Annotated, A7 13-4-104, with the 
City
       Council retaining to itself the power to overrule any approval or 

       disapproval by the Planning Commission.
       	    4.	 As a condition for the exercise of the authority granted 

       herein, the Board of the Electric Power Board of Chattanooga 
shall
       reasonably determine that fair market value is to be received as
       consideration for the sale, transfer, lease, assignment or
       exchange of any interest in real estate owned for the use and
       benefit of the Electric Power Board.
       	    5.	 Nothing in this resolution shall be deemed to permit the 

       Electric Power Board to sell any assets in contravention of the
       provisions of Tennessee Code Annotated, A7 7-52-132.
       	    6.	 Nothing in this resolution shall be deemed to provide
       authorization for the Electric Power Board to sell, transfer,
       lease, assign or exchange any interest in real estate owned by 
the
       City of Chattanooga that was or is acquired for purposes other
       than for the use and benefit of the Electric Power Board.
      
       ADOPTED:	 February 28, 1995
      
       :cjc