MARK SCHUMANN
In an email sent from his campaign yesterday, Vero Beach Vice Mayor Randy Old pointed to his “fiduciary duty” in explaining why he voted not to accept Florida Power & Light’s $30 million offer for Vero Electric’s Indian River Shores customers. Old, who is running for re-election, joined Mayor Jay Kramer and Councilman Richard Winger in rejecting the $30 million offer. Instead, Kramer, Old and Winger approved motion informing FPL they would consider a a sale $47 million.
Old wrote, “When the idea of a partial sale of our electric system to Florida Power and Light became a serious offer, the City asked our experts to determine what sale price would be required to keep our existing ratepayers whole, making sure their rates did not go up as a result of the sale.”
A team of five utility experts hired by the City concluded it would take approximately $47 million to keep the City, its taxpayers and remaining electric customers from paying higher rates.
According to Old, he “reviewed in depth” the calculation of the City’s consultants. “As a result, I feel comfortable in my decision to decline the $30 million in favor of the $47 million,” Old wrote.
Old’s email concluded, “The City Council position I felt carries with it the fiduciary duty to protect the citizens of Vero Beach who elected me. I felt that voting for any number less than our experts suggested brought risk to the remaining ratepayers, and for that reason could not vote to sell for less than $47 million.
Indian River Guardian 
Look, want to solve all of Vero’s problems….SELL THE WHOLE ELECTRIC COMPANY TO FP&L. No more worries for anyone. Look at the “windfall” the city would have, but also look at close to 30% savings plus incentives everyone would then have. We all win, we all save and finally we get rid of this big electronic headache! Just think, it is over 30 years old, needs constant repair and modification, and new technology can replace the old, but this time by FP&L, it becomes their responsibility.
It is obvious Pilar Turner and Harry Howle do not share the same ethical/ fiduciary duty standards as Vice Mayor Old. Both Turner and Howle were elected to serve and represent the residents of the city of Vero , however,it is apparent they serve Indian River Shores and FPL&L’s interests whenever the subject of an electric sale is before the council. One must question what motivates them. It is sad they do not follow the advice of the experts the city hired to come up with the true cost of a partial sale.When Turner and Howle voted to sell for a price $17,000,000 less than the system is worth they have forfeited their right to sit on our city council.
Larry, perhaps without realizing it, your advocacy for a full sale, at least at this time, amounts to calling for a suspension of well-established contract law? You might as well call for a suspension of the law of gravity.
Had we accepted the $30 million offer to give up customers in Indian River Shores to FPL, then discovered this money was NOT enough to keep the rest of the customers from being burdened with higher rates, what then? Seems to me that is when, after the City was hurting, FPL would step in and take the rest of the system off its hands…..at a price lower than it is worth. The County would grab the other city utilities, and Vero Beach would be a shell of what it once was. I’m glad we won’t have to find out.
Dear Mark, It appears that we are living in a “Vacuum” under a heavy glass dome, so yes no gravity.
I do wish this would get resolved, fairly and finally. On another note, I read Jay Kramer’s daughters response to 32963, She is a brave young lady and notes the “ugly spin” exhibited against her dad. I know her dad well, and not only is he an honest man, but one who says it like it is. Even though Jay and I do not always agree, I do agree with her on her commentary, and for this heart felt essay she should be very proud!
Gee Larry that’s so easy, why didn’t anyone think of that before!