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The Bill of Sale
The document evidencing the purchase of the undivided
interest by UtilCo was Warranty Deed and Bill of Sale No. 2,
dated December 15, 1987 (the bill of sale). The bill of sale
sets forth with particularity the assets that were acquired by
UtilCo pursuant to the bill of sale (the bill of sale assets).
The bill of sale assets consist of (1) the land upon which the
hydroelectric facility was constructed, (2) the flowage rights
appurtenant to that land, (3) certain easements appurtenant to
that land (excluding the previously referenced flowage rights),
(4) the structures located on that land, and (5) the equipment
comprising the hydroelectric facility.
FERC License
The FERC license was not specifically identified in the
bill of sale or the schedules attached thereto as an asset to be
transferred to UtilCo. FERC requires that owners of
hydroelectric facilities become colicensees for such facilities,
regardless of whether those owners perform significant services
with respect to the ownership or management of the facility. On
November 6, 1987, FERC issued an order transferring the license
for the hydroelectric facility from THP alone to THP, UtilCo, and
Chrysler Capital as colicensees.
Operating Agreement
As part of the sale-leaseback, UtilCo entered into an
operating agreement with THP.
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Last modified: May 25, 2011