The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1904-10-19
Sl.OV tkh ANN IA.
lights.

: Na n.ln-taii..i a. ihs. cost an,i
exp .hsr a. ~" party m,kirg ;ha
'-una"i. anal the charge in this
case sna!i not exceed Is cents
per Kl"- Wa!i imposedthersalter.
Section % Ii is further provid
ed that ut ~" expiration of ten
(1O) y-srS Tram ha date OF the
in>ttlin'i III al the before msn-
''"ntd e!rcIr:c iiLhting and water
sNs'em, the said towu, of Lancas.
~r. shati have the right to pur
cnrS" the wat-rworks and electric
y:' p'auis aforesaid, within the
ANTS OF the said town of Lam
ras er The terms OF purchase to
b'. "a. fellows:
The Town of Lancaster shall as
,um" all bonded Indebtedness
Sh,ch may have been incurred in
'h- construction, repairs or ex.
rnsin"s at said waterworks and
'c'rm lighting plant, and Sc
cured by mortgage upon the
property, provided, such bonded
debt shall not be in excess of the
ACTUAL cost Of the plant, and the
town oi Lancaster shall then paw
/" sn L"rov Springs and L. Y.
Williams ar their heirs, successors
or aSslsns, "a sum or amount to he
hxe' iN valuation made by three
competent appraisers, who shall
be mechanical or hydraulic en-
"ine-rs, and who shall not be-
rrsnienis of the County of Ian
easter They shall be chosen as
t l""s: Que to be selected by
n'r town of Lancaster, one bv
Tie sad L>roy Springs and L. Y.
Williams or their successors or
assigns, and the third by the two
s" chosen. The said appraisers
shall estimate the value of said
property and franchises, consid-
ering the original cost thereof,
with proper allowance for depre-
citation. AMI prov.ded, that such
valuation shall not be ut greater
amount than such sum as would
represent the value on the basis
of net annual earnings at the rate
OF D per ceni., on an average f r
the three years EtXt preceding
The date ui sale. Ii is understood
that n II earnings refers to "A bal.
arce which may remain after all
necessary expenses, at whatsoever
kind, and the iuletest ON the out
stanuing bonded debt is deducted,
and provided further, that if i'm
The estimation of the above spec
fled board CT appraisemen', such
valuation does not exceed the
bonded debt, The said town will
have the right to take over the
said property upon assuming such
bonded debt.
Section "a. In case the said
town OF Lancaster does not avail
itself of said option at the expi-
ration of ten (l0) years, then it
hall enjoy the same right in~the
same manner, at the expiration
of further period of five (5)
years, thereafter, and at the ex.
pira'ion of each five (5) years
thereafter until the full period of
thirty 1907 years has elapsed.
Section 25. The said Lsrov
Springs and I. Y. Williams and
their successors or assigns, agree
TO keep true and faithful accounts
or all their transactions and upon
reasonable notice, within one
wear, OF date of possible purchase
ny SAID town of Lancaster, will
submit for examination by said
town oi Lancaster, all books, con
'rac'S, subscription lists, etc.
necessary to show the bonded
"deb'edness, cost of plants and
ANIMAL ne' profits of said water.
works and electric lighting svs.
TEN
Section '2s The SAID Lerov
Springs and L. Y. Williams AMI
their successors or assigns, shall,
turn over the said water works
and electric lighting system in a
good state of repair when pur.
chased by the said town of Ian.
caster.
Section n 1t is especially
provided, that tho water IN ain,
Installed by Said Leroy Springs
and L Y. Williams, thier success