The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-08-25


thereof as may be necessary to meet such
payment.
The taxeaand water rents to be assess
ed and fixed by the party Of the first
part; and the said party of the first part
hereby binds itself to make the rate of
such taxation sufficient to raise an
amount of money Mt least equal to the
yearly compensation herein specified.
And for the true and faithful perform
ance of all and every Of the covenants
above mentioned, tho parties to these
presents bind themselves, each unto the
other, in tue following penalties, to wit:
Should the said party of the second part
fail to comply with the terms of this
contract. lie shall be bound in the penal
sum of $4,000, to be paid over to the
said city within ninety days from the
date of such failure provided; that
not, within such time, be in readiness
to comply with the terms of this con
tract.
And should the said party of the first
part, for any reason whatsoever, fail to
comply with the terms and provisions of
this contract, then the absolute, unuua-
li6ed, unobstructed, sole and separate
use of all the reservoirs, buildings, ma
chlnery, pumps, pipes, plugs, nnd all
and every other matter or thing pertain
ing or belonging to the said Water Works
in the distribution of water throughout
the said city of Columbia, together with
the proceeds arising therefrom, and all
the rights, immunities and privileges
now belonging, or in any way appertain-
ing, to the said city of Columbia, shall
vest absolutely in the party Of the second
part, within sixty days from the date of
said failure, for the unexpired term of
this contract: Prooioed, ho,oerer, That
the acceptance of this penalty by the
party of the second part shall in no way
preclude the said party from his proper
and legal redress in the Courts, should
the net proceeds of the water rents fail
to amount to sum equal to the COM
pensation stipulated by the party Of the
first part to be pail to the party of the
agreements entered into in this contract:
And procided, .fm1her. Should the net
proceeds arising from said water rents
exceed the said yearly compensation of
SIG 900, then such excess shall bo paid
over by the said party of the second part
to tho said party Of tho first part: And,
StW fu'4her be ii propiiel, That Mt any
time should the said Water Works, and
all and every matter and thing in any
way belonging or appertaining to the
same, under the provisions OF this
penalty, fall into the hands of the said
party of the second part, the said party
Of the first part, on the payment of nil
the dues that shall have accrued to the
party of the second part, shall be cnti-
tied to take immediate 10 possession of
the said Works, and oil and every other
matter or thing in any way belonging or
nppcrtaining to the same.
Alderman Ainort introduced the fol-
lowing resolution:
ReSolced, That the foregoing contract
between the city Of Columbia and Sam
uel a. Pearce, Jr., both for himself and
as trustee of William Sprague be, and
the samo is hereby, approved; and the
Mayor is hereby directed to cause the
same to be executed i'll due form and in
duplicate, the Mayor executing the
same for and in behalf of the city.
Alderman Mooney moved to indefi-
nitely postpone the resolution.
Alderman Simons moved to lay on the
table the motion to indefinitely post
pone.
On this, Alderman Mooney called for
the yeas aud meas, which were taken,
and are as follows:
Yeas 8; nays 3.
Those voting in the affirmative are:
His Honor the Mayor; Aldermen Den
ny, Goodwin, Hayne, Minort, Simons,
Taylor, Thompson and Wigg.
Those voting in the negative are
Aldermen Cooper, Mooney and Smith.
So the motion to indefinitely postpone
was laid OH the table.
On the question of adopting the reso-
luton, Alderman Denny called for the
yeas and nays, which were taken. and
are as follows:
Yeas 8; nays 3.
Those voting in the affirmative, are:
His Honor the Mayor; Aldermen Den
ny, Goodwin, Hayne, NIinort, Simons,
Taylor, Thompson and Wigg.
Those voting in the negative, are:
Aldermen Cooper, Mooney and Smith
So the resolution was adopted.
Alderman Wigg introduced tho follow
ing preamble and resolution, which was
unanimously adopted:
Whereas, it has como to the know
ledge of this Council that the fire on
Saturday, August 20. IL =. AZ md