Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1906-02-06
.WATERSUPPLY
COMPANYW
ACCEPT OFFER
To Sell Plant 10 City for
S25O,OOO.
TO BE SUBMITTED TO PEOPLE
AT REGULAR SPRING ELECTION
Directors Of Company Agree to Price
Named by City Council and
Contract Is in Preparation.
TO BE SUBMITTED TO PEOPLE
AT REGULAR SPRING ELECTION

AT last nights meeting of the city
council the Water Supply Co. present
ed a communication accepting the Of
fer of the city to buy Albuquerque's
present water system for a quarter of
a million dollars.
After the reading of the company's
acceptance the city attorney was in
structed to draw up a contract and an
accompanying ordinance covering the
transaction to be submitted to the
council at a special meeting next FRI
day afternoon.
The following acceptance OF the
company specifies clearly the condl-
tions upon which the sale is to be made
which conditions have been fully dis
cussed by the aldermen and to which
there is understood to be no objec-
ton.
70 the City Council OF the City of Al
buquerque:
Gentlemen-Re Relative to the offer of
the city of two hundred and fifty thou
sand (250,000) dollars for the prop
erty of the Water Supply Co., subject
to the approval of the people in the
manner provided by law we beg to
state that although there was consid-
erable difference Of opinion among
the stockholders and directors as to
the advisability of accepting that
proposition. yet at a full conference.
n majority being In favor of accepts
ing the offer of the city, a resolution
has been adopted accepting said offer.
l. The property will be turned
over to the city on July 1st, 1906. or
on such date as the city may prefer,
In as good condition as IT now Is, rea-
sonable wear excepted.
2. The city to pay, in addition to
the sum above provided, the actual
cost of the Twelfth street extension or
dered by the city council and hereafter
to be made, and all other extensions
and improvements ordered or agreed
to by the city council. The valuation
and price having been made upon the
property as it now stands.
g. The contract and franchise be-
tween the Water Supply Co. and the
city TO be cancelled and terminated at
the time Of the delivery of the prop
erty TO the city
4. The Water Supply Co. will turn
the property over to the city free of
all Indebtedness except the bonds
hereinafter mentioned which said
bonds and deeds Of trust the said city
Is to assume and pay as n part OF the
purchase price above mentioned, 1t be-
ing understood, however, that the
Water Supply CO. Is to pay interest on
said bonds to the date Of delivery of
said property to the city
g. The Water Supply Co shall be
entitled to all sums due It on any ac-
count at the time of the transfer to
the city
6. The bonded Indebtedness which
the said city Is to assume and pay
under provisions of paragraph -"
consists Of about seventy-hve thou
sand (75000) dollars of bonds of the
Water Supply Co, dated October 1st
1890, and secured by a deed of trust to
the American Loan and Trust Co.
bearing per cent interest and pay
able October 1st 1910. also not less
than one hundred thousand nor more
than one hundred and ten thousand
dollars of bonds payable October ist,
1918, and secured by a deed OF trust
to the Illinois Trust and Savings bank.
but which said bonds last mentioned
may be paid at any regular interest
paying period, the interest paying pc
RODS being April LIST, and October LIST
Of each year.
T. The balance of said purchase
price, after satisfying all l'sns against
said property other than the bonds
and deeds Of trust assumed by the
city, shall be paid in cash en- delivery
OF the property TO the city.
g. II Is understood aud agreed that
the Water supply co, and The city Gre
to enter into formal contract en-
bodylng these provisions with the
provision that the same shall take ef-
feet and be legally binding upon the
city In case the same Is approved by
vote Of the people, ana ale1 a proper
ordinance shall he adopted ny the city
council subject to approval in the
manner provided by law, providing for
the issuance Of bonds In sufficient
amount to comply with the terms OF
said contract
Respectfully,
WATER SUPPLY COMPANY.
The water works proposition came
up when Alderman Wilkerson moved
that committee be appointed to con
fer with representatives Of the water
company to see II that concavn woulh
accept the city's offer. II so, Hr. VIII
kerson wanted to have a contract
drawn up binding the company to sell
at the stipulated price and no other
after the people Of the city had voted
on the bond issue at the spring elcc-
tlon. Alderman Gillenwatsr then
handed the city clerk the eompunSs
acceptance, which was read.
Alderman Hanley then movad that
the CITY attornev be Instructed 10 Dfe-