Omaha daily bee., 1908-12-13

Ahe ahu VpGtdAiHB hdlu IIdnSInlSslOn llnh
and fifteen thousand horsepower station,
located at the reservoirs OF 1.-THE Nebraska
PoWe company" as aforesaid. 1t Is fur
Their agreed that during the continuance
of this contract, the said city of South
Omaha shall use said electrical current
for its own lighting purposes, and that II
will pay therefor quarterly at one-half
the rate 1t is now paying for similar serv-
ices, and that for the purpose of providing
the moneys for said payment, the city
shall levy a tax not exceeding the levy
allowed by law sufficient TO make said
payments as they shall respectively ma
ture. And 1t Is further agreed that the
price charged to private consumers of
electrical current for lighting purposes
during the continuance Of this contract
shall not exceed one-half the rate now
paid therefor. That all moneys received
from levies made for its own lighting pur-
poses and all moneys received from private
consumers OF electrical current for light
Ing purposes snail constitute part of the
gross revenues of the plant, and shall be
used by the city, together with the other
gross revenues, to pay all costs and main
t~enances, and the balance only shall be
payable TO The Nebraska Power COM
pany."
The agreed price of said plant is two
million dollars ($2,000, 900 plus the actual
cost to said The Nebraska Power Com
pany" of said distributing lines In South
Omaha The total Of which items shall
constitute the principal sum on which in
terest is to be originally reckoned, and
paid by said city of South Omaha at the
rate OF five per cent per annum; all pay
for.
The net revenue Of said plant after the
payment OF all fixed charges and expenses
hereinbefore mentioned, shall be paid
quarterly to said THE Nebraska Power
Company" until said plant is fully paid
for, and shall be applied by it upon the
purchase price of said plant as follows:
First, to the payment of interest at five
per cent per annum accrued upon the
principal or deferred payments due at
time of such payments. Second, to the
payment of the principal, 1t being ex-
pressly agreed and understood between the
parties to this contract that the purchase
price of said plant, including both princi-
pal and interest, is to be payable and to
be paid only and entirely out of the net
revenues of said plant, and that no part of
the purchase price of said plant, either
principal or interest, is to be paid except
out of the net revenues OF said plant.
Said THE Nebraska Power Company
further agrees that II the said city of
South Omaha shall have the power when
said conveyance Is made to take a con-
veyance of said fifteen thousand horse
power station at the reservoirs, then said
THE Nebraska Power Company" will con-
vey said hydro-electric plant, the ma
chinery therein, and the transmission wires
or cables pertaining thereto, to said city
of South Omaha. together with a perpetual
right to the use of the waters of the Loup
river necessary to operate said plant; the
said city OF South Omaha, in that event,
to take charge of said plant and maintain
and operate 1t at its own expense, and 1t
Is further agreed between the parties
hereto that in the event that said THE
Nebraska Power Company" should sell or
dispose of all its rights In the Loup river
and in said canal and reservoirs, that 1t
will, before doing so, convey to said city
of South Omaha, as security that it's sue
cessors will perpetually keep up and main
tain said canal and reservoirs, as arore-
said, a share, prorated upon a fifty thous-
and horse power hydro-electric develop
ment at said reservoirs, in the ice cutting
on said reservoirs.
Said 1.-THE Nebraska Power Company"
| further agrees not to cucumber In any
manner said hydro-electric plant. or any
part thereof, or cucumber any part OF
SAID canal reservoir OF any ouher par OF
Dr privileges OF the said '"The Nebraska
I Power Company" unless said encumbrance
The said city of South Omaha has under
and by virtue of this contract; and in Ease
said 'The Nebraska Power Company"
said property except as above described,
then this contract shall be voidable at the
election of the said city Of South Omaha
II is hereby further agreed by the said
will commence work on the building of said
plant within one year from the date this
contract takes effect, and will complete
said plant ready for operation within two
years after the commencement of the work,
and in the event that said The Nebraska
Power Company shall fail to begin and
complete said plant ready for operation
within the times aforesaid, time being the
essence Of this contract, the said city OF
South Omaha may, at its option declare
this contract at an end, and the said I'll
Nebraska Power Company" shall forfeit
all rights under this contract.
It is further agreed by the said 1.-THE
Nebraska Power Company" that It will
execute a bond in the sum of --
dollars, with good and sufficient surety,
said bond and surety to be approved by
the mayor and city council, conditioned
that the said THE Nebraska Power Conn
pany" will commence and complete the
plant ready for operation within the times
aforesaid, and In case they fail so to do,
viii. save the city harmless from any and
all losses or expenses. including any sums
the city might have saved by reason OF
any deductions made or to be made before
the final execution OF this contract. by
the Omaha Electric Light and Power Com
pany.
In witness whereof. said "The Nebraska
POWER company" has caused this contract
TO be signed In it's name by its president
and to be attested by its secretary, and
It's seal to be affixed hereto, and the said
city OF South Omaha has caused the
same TO be executed in its name by its
mayor and attested by its city clerk and
Its seal affixed hereto the -. dav OF
- TaN