BEFORE THE WASHINGTON UTILITIES AND TRANSPORTATION COMMISSION

In the Matter of the Application for the Sale and Transfer of Stock
From Olympic Property Group LLC.
To
Port Ludlow Associates, LLC.



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		DOCKET UW-010715
		
		ORDER GRANTING APPLICATION FOR SALE AND TRANSFER OF STOCK AND TARIFF ADOPTION 

BACKGROUND

1 On May 11, 2001, Olympic Property Group, LLC, (Olympic Property) and Port 
Ludlow   Associates, LLC, (Port Ludlow Associates) filed an application 
pursuant to the provisions of chapter  80.12 RCW for sale and transfer of stock 
of Olympic Property.  The company is located near Port  Ludlow and serves 
approximately 1,266 customers in Jefferson County. 

2 Port Ludlow Associates is a Washington limited liability corporation formed 
to act as a utility   company and currently provides both water and sewer 
services in Port Ludlow.

3 The benefits of this acquisition of water company stock include expanded 
financial resources, and  maintain the current water quality staff to provide 
all aspects of water system repair and operations.   The transfer appears to be 
consistent with the public interest.  Customers were notified of the sale  and 
transfer along with their May billings.  Current rate base is calculated to be 
approximately   $1,058,554.  Port Ludlow Associates will acquire water company 
stock of Olympic Property for  $1,058,554, payable at closing.

4 As a result of this sale and transfer of water company stock, Port Ludlow 
Associates will maintain  Olympic Property’s water rates currently in effect 
and will be adopting the tariff of Olympic Property.

5 The proposed tariff adoption bears an effective date of June 14, 2001.  This 
date is to coincide with  company billing periods and allows a mutually agreed 
closing date.  For accounting purposes the  bookkeeping records should be 
considered to be transferred and effective on that date or as mutually  agreed.

6 This Commission neither approves nor disapproves the reasonableness of any 
fees, charges, rates,  purchase price, or accounting allocations involved with 
the proposed arrangement and reserves the  right to review those fees, charges, 
rates, or accounting allocations in a future rate proceeding.

FINDINGS

7 (1)  Olympic Property Group, LLC, is an investor-owned water company and Port 
Ludlow   Associates, LLC will be an investor-owned water company and as such 
are public service   companies subject to the jurisdiction of the Commission 
under the provisions of chapter   80.12 RCW.  

8 (2)  As to form, the application meets the requirements of chapter 80.12 RCW 
and the rules and   regulations of the Commission adopted pursuant thereto.

9 (3)  The sale and transfer of water company stock by Olympic Property Group, 
LLC, to Port   Ludlow Associates, LLC is reasonable and consistent with the 
public interest and should   therefore be approved.

O R D E R

10 THE COMMISSION ORDERS:

11 (1)  After the effective date of this order and subject to the provisions 
herein, Olympic Property   Group, LLC, is autho-rized to sell water company 
stock to Port Ludlow Associates, LLC   under the terms and conditions of the 
proposed agreement filed as an exhibit in the joint    application.

12 (2)  No material change, revision, or amendment to the joint application and 
agreement shall   become effective without the Commission's prior written 
approval.

13 (3) The tariff adoption filed in conjunction with the application, allowing 
Port Ludlow Associates,   LLC to continue applying pre-transfer rates without 
change, is approved to become effective   with the effect of the transfer 
itself on June 14, 2001.  Port Ludlow Associates must file with   the 
Commission within 60 days after the effective date of this order, the journal 
entries by   which it proposes to record on its books the transfer of water 
company stock authorized   herein.  For accounting purposes the bookkeeping 
records should be considered to be    transferred and effective on the date as 
mutually agreed.

14 (4) The reasonableness of any fees, charges, rates, purchase price, or 
accounting allocations   involved in carrying out the provisions of ordering 
paragraph No. 1 of this Order are neither   approved nor disapproved in this 
proceeding.

15 (5) This order shall in no way affect the authority of this Commission over 
rates, services,    accounts, evaluations, estimates, or determination of cost 
or any matters whatsoever that may   come before it, nor shall anything herein 
be construed as an acquiescence in any estimate or   determination of cost or 
any valuation of property claimed or asserted.

DATED at Olympia, Washington, and effective this 13th day of June, 2001.

WASHINGTON UTILITIES AND TRANSPORTATION COMMISSION



MARILYN SHOWALTER, Chairwoman



RICHARD HEMSTAD, Commissioner