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Council ratifies purchase of three shares in Virgin Canal Company
Summary
The town council ratified an earlier agreement to acquire three water shares in the Virgin Canal Company and authorized the mayor to sign closing paperwork; councilmembers said they would aim to close in the next fiscal year and coordinate a closing date with staff.
The council ratified a prior decision to acquire three shares in the Virgin Canal Company and authorized the mayor to sign the purchase agreement, with staff to coordinate the closing date.
Councilmembers said the purchase had been discussed at a previous meeting and the action before the council was to ratify that agreement. A councilmember moved approval of an item described as “approval of Virgin Canal Company water shares purchase agreement” and a second was entered. The mayor was authorized to sign the agreement and staff said they would coordinate a closing date with Lee so the transaction could occur in the next fiscal year if appropriate.
At the meeting, councilmembers verbally indicated support in roll-call sequence. Councilmembers asked staff to confirm the closing date and funding-year alignment before completion. No additional terms or price were read into the record during the meeting.
