VERO BEACH — The chance of actually selling the city’s electric system by Jan. 1, 2014, appears dimmer as the days go by. Rick Miller, one of the transactional attorneys hired by the city to pave the way for a sale to Florida Power & Light told members of the City Council Tuesday that a number of issues remain before the city can get out of the utility business.
“It’s going to be arduous,” Miller said.
Miller and attorney John Igoe had hoped that that the governing board of the Florida Municipal Power Agency – which the city is part of and is bound to by a number of contracts – would approve of the city’s plan.
So far that hasn’t happened, and it appears that the city will have to get the blessings of all 18 cities that are part of the whole-sale power group.
“It’s a high hurdle,” Miller said. “In fact, I think it is going to be tough.”
To sweeten the deal, the city may have to purchase bonds or some type of insurance so that it can show the other members of the FMPA that any risks of Vero exiting the group would be minimized.
“There can be an end to this,” said Miller. “But there is no easy exit.”
Councilman Dick Winger suggested that the push to get the sales and purchase agreement signed within a month and ahead of the March referendum on the matter may be premature as many details still need to be worked out.
“It strikes me as misleading the public,” Winger said.
