The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1908-08-29

(25,000) bona fide residents. it will re.
duce the rates to all consumers of
electricity, other than the city, from
eleven cents Q1c) per thousand watts
to ten cents (10c) per thousand watts,
with the same provision for discounts
TO consumers of electricity as provid-
ed and set out in this contract. Such
reduction shall be effective beginning
with the month Immediately succeed
ing the month in which it has been
ascertained that such population has
so increased to twenty-five thousand
(25,O00).
9th. t is further agreed by the com
pany, in consideration of the making
and execution of this contract for the
taking of water, gas and electricity by
the city, that it does hereby give and
grant to the city an option to purchase
and acquire the waterworks plant and
appurtenances of the company as To-
caed and constructed in said CITY aft
the expiration Of the first five year
period of the term of this contract
or ut the expiration of said ten-vear
period. and which plant and appur-
tenances shall also include the follow
ing real estate in said city. to wit:
New Town Lot Number Two Thou
sand and Ninetyfour (2094l and that
portion of Old Town Lot Fifty-one C5D
described as follows: Beginning at the
intersection of the East line OF Ogle
thorpe street with the Southern line
Ct f street and running thence south
along the East line of Oglethorpe
street to the North wall of the pres
ent electric power-house of said com
pany (and which wall shall be a partv
walD; thence running East along the
North wall of said power house and
on a line extending beyond it to the
Western line of Grant street being a
total distance from the East line of
Oglethorpe street to the Western line
of Grant street of one hundred and
eighty 0SO) feet; thence running
North along the Western line of Grant
street to the South line of f street;
thence running Westerly along the
South line of f street one hundred
and eighty 0S0) feet to the point of
beginning The value of said water
works plant and appurtenances, in
Guiding said real estate, to be deter
mined by arbitration, the city to Sc
lect one arbitrator and the company
to select one, and if said arbitrators
fail to agree on such valuation. they
shall select an umpire and the decis-
ion of such umpire as to such valu-
alton shall be final and binding on
the parties hereto. If the city should
desire to exercise this option. il must
give notice of its intention six (6)
months prior to the expiration of the
first five CD year period, or six months
prior to the expiration Of the ten
(l0) year period, as the case may be-
such notice to be by formal resolu-
ton CT ordinance, copy of which must
be served upon the president, vice
president, or manager of the COM
pany Such valuation or appraisment
must be made and submitted to each
party hereto within two (2) months
from the date of the service Of such
notice, both parties agreeing to
promptly select their arbitrators af-
ter the service Of such notice In
the event sf such purchase, the city
shall pay in cash to the company the
I amount so determined as the value of
such water plant al the expiration of
said five CD year period or said ten
| 00) year period, according as the city
/ may elect to purchase at the expira-
ton of said five 60 year Or ten 00)
year period, or If the city should not
desire to pay cash for such property,
then the terms and conditions Of pay
ment may be mutually agreed upon.
In giving notice OF its desire to pur-
chase, the city must state whether or
not 1t desires to pay cash, and if not.
then it must set out the terms and
conditions upon which it desires to
purchase. If the city after giving such
notice, should fail to make purchase
and payment for said water-works
plant and appurtenances, as herein
provided, then the city shall pay the
entire expense incurred by the com
| pany in connection with such arbitra
ton, as well as the expense of the
| umpire and its own expenses. In as
| certaining the value CT such water
works plant and appurtenances, such
arbitrators or appraisers shall con
slider and &ppraise the physical value
Of all of sen waterworks properties and
appurtenances at the time of arbitra-
ton, without taking into consideration
any franchise or commercial value. In
the event Of such purchase by the
city the company agrees that it will
convey and deliver all of said water
works plant and appurtenances free
from liens, mortgages. bonds and any
: and all other encumbrances and in
debtedness OF every kind and charac
ter whatsoever. In the event of pur-
chase OF such water-works plant at
the expiration Of the first five )5)
year period, this contract in respect to
the furnishing Of water shall termi-
nate, but shall continue and remain
S,F l..