HomeMy WebLinkAbout3811_CCv0001.pdf RESOLUTION NO. 3811
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
ESTABLISHING THE AMOUNT THAT CAN BE PAID FOR BEAR VALLEY
MUTUAL WATER COMPANY STOCK.
WHEREAS, Ordinance No. 1684 provides for a cash credit to
owners of certain water stock in connection with land development;
and
WHEREAS, the Bear Valley Mutual Water Company water stock is
currently accepted by the City of Redlands in accordance with
Ordinance No. 1684; and
WHEREAS, it has been recommended in the "Water Master Plan
Update" that the City should acquire stock in companies that have
Santa Ana River water entitlements; and
WHEREAS , the City proposes to construct additional treatment
facilities as recommended in the "Water Master Plan Update"
which will be able to treat water from the Santa Ana River water
supply; and
WHEREAS, the current established market price is approximately
$16 . 00 per share of stock of the Bear Valley Mutual Water Company;
NOW, THEREFORE, the City Council of the City of Redlands does
hereby resolve as follows :
1. That effective January 19 , 1982 , the City of Redlands
will provide owners of Bear Valley Mutual Water Company
stock a cash credit of $16 . 00 per share of stock in
accordance with regulations contained in Ordinance No.
1684 .
2 . That effective January 19 , 1982 , the City of Redlands
will purchase Bear Valley Mutual Water Company stock
at $16 . 00 per share.
ADOPTED, SIGNED AND APPROVED this 19th day of January, 1982 .
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