Gunnison news-champion., 1906-03-09

hh tih Ssd l,cf AT HINTS a3 tHG SAID
Town an electric lighting plant
with the buildings. machinery.
dynaInss and various appurtenapces
thereIuto incident,
Sec 2. All the rights. priv
legcs and authority hereby gram,
cd shall be given for the full per
iod of twenty GOD years froIB thu
date OF the passage ct this ordi
nance and its publication II ad-
dltonal territory shall at any time
be added to the Town of GuHHison.
the said Town of Gunuisou
upon being requested to do so by
the grantee his SUCCESSORS OF as
signs, shall make additional grants
OF the rights and privileges con
ferrcd by this ordinance confirming
the said rights and privileges to
the grantee. his successOrs and
assigns. so that the additional terri
tory added to the Town of Gunni-
son, shall come within. and bc
subject to the terms OF this grant
Sec. ;. Under the grant OF this
ordinance SAID George III. Sethman
his Successors and assigns. shall
proceed to construct an electric
light plant and maintain a lighting
system in the Town of Gunnisom.
the work of construction shall lc
begun not later than the first dav
Of May, 1906, and the said electric
light plant and lighting system
shall be completely installed and
ready for operation on OF before
the first day of January, 1907. All
material shall be new and first
class and of the most modern pat
tern. The equipment shall be as
set forth in the specifications sub
mitted in the written proposal of
the grantee to the Board of Trus-
tees upon the third day Of March,
1905. The work of installation
and construction shall be subject
to the inspection of the consulting
engineer of the Town of Gunnison:
the said consulting engineer shall
pass upon all materials, and all
work shall be subject to rigid in
spection. Both labor and material
shall be first class in every respect
Sec. 4. When the plant is fully
completed and placed in operation,
the Town of Gunnison shall have
the option of buying the same at
any time for the sum of fifteen
thousand five hundred dollars
ISIS, 500 .O0) together with interest
on the said sum at the rate Of seven
per cent q per cent? from the date
of the complete installation. OR,
the Town of Gunnison may acquire
the said plant in the following
manner; and for the purposes here
in specified, the valuation thereof,
including the franchise and all con-
tract rights, is fixed at the sum of
fifteen thousand five hundred dol
lars ISIS, 50O.O0). Upon said sum
the said grantee is to be paid inter
est at the rate of seven per cent q
per cent? per annum, and beside
interest, the actual operating ex-
penses and fixed charges of the
plant are to be added The inter
est at the rate aforesaid, the oper-
ating expenses, and the fixed
charges, are to be subtracted from
the total earnings of the plant for
each and every year, and the bal
ance which remains is to be credit
ed upon the purchase price As
soon as the remaining balance
equals the said sum of fifteen thous-
and five hundred dollars (Sl5,-
500. .O0) or as soon as the said sum
together with interest shall be paid
by the town of Gunnison in any
other manner, the plant itself and
all its machinery and appliances,
and each and every contract and
franchise right connected Herewith
shall absolutely and completely be-
come the property of the Town of
Gunnison, and the ownership of
the grantee in and to said plant,
contract rights, and this franchise
shall cease and terminate. For the
purpose of determining the amount
which is to be applied as net bal
ance to the purchase of the plant,
the board of trustees, by its proper
officers or agents, are hereby given
and shall at all times have the
right and privilege seni-annually
to make complete and detailed
examination of the books OF the
grantee appertaining to the opera
ton and running of said electric
light plant and the income there
from Until the plant becomes the
property of the Town of Gunnison,
the entire control and operation