Golden Valley chronicle. (Beach, Billings County, N.D.) 1905-1916, 1910-05-27

puted by the city the same procedure
as above shall be had.
Should the decision of the Board
of Arbitrators herein provided for. be
in favor of the rates submitted by the
grantee, then the city shall pay the
costs of arbitration, but if such decis
ion should not sustain the rate or
rates submitted by the grantee, then
the costs of same shall be paid by the
grantee.
SECTION XIV.
That said city shall have the right,
at it's option at the end of ten years
from the passage of this ordinance
or at the end of fifteen years from the
passage of this ordinance, if it shall
not have already exercised the right
to have an appraisal made and to pur-
chase the plant of said grantee at its
then fair and reasonable value as a
going concern having reference to its
condition of repair and its adaptability
and capacity for generating and fur.
nishing electrical energy. but in deter
mining such value, the unexpired term
of said grant and the good will and
future profits based on such unexpired
term shall not be considered. The
right. however, of the city to purchase
said plant shall not be exercised un-
less majority of the voters of said
city shall vote in favor Of such &C.
QUESTION and such question of acquis-
ition shall be submitted to the voters
of said city lat special election call
ed and held for that purpose. in the
manner provided by law for special
elections) by the city council upon
petition of twenty per cent of the legal
voters of said city who are freehold
ers thereof. But such election shall
be ordered within the following time.
to-wit: Not sooner than thirty days
prior to. and not later than 80 days
after. the expiration of the term for
which such appraisal or purchase is
made. And should majority of the
voters at such election favor such &C.
QUESTION. then the appraisal of said
plant shall be made by board of
three disinterested appraisers to be
appointed as follows: Within thirty
days after the return of such election,
being made. in favor of the acquisition
OF such plant. the city auditor shall
give written notice of such fact to
grantee and requesting grantee to ap-
point an appraiser to determine the
value of said plant. and within thirty
days after the giving of such notice.
the city shall appoint one such ap-
praiser and the grantee shall appoint
another. AS soon as the grantee shall
have appointed such appraiser he shall
notify the city auditor of that fact,
and as soon as the two appraisers so
are chosen the city auditor
shall call meeting of such appraisers
at which meeting the two so chosen
shall appoint third.
Should any vacancy or vacancies oc.
cur at any time in said Board of Al.
praisers by death. resignation, disuual-
ification. failure. refusal or inability
to act. the same shall be filled within
fifteen days after such vacancy occurs
by the party or body making the orig
inal appointment.
In all cases where the grantee or
the city, or said appraisers. are re.
quired by the provisions of this ordi.
nance to appoint an appraiser and
shall fail to do so within the time
herein limited. or the appraisers chos-
en- by the grantee and the city cannot
agree upon a third appraiser within
ten days after their first meeting for
that purpose. then in all such cases
such appraiser may be appointed by
the Judge of the District Court of the
Tenth Judicial District in and for the
State of North Dakota. on the applica-
tion of either said City or said grantee
upon ten days notice to the other. and
when such appraiser is so chosen he
shall meet the other appraiser or ap.
praisers and they shall choose third
member, if one is not already chosen.
and proceed in the same manner as
hereinafter provided to appraise said
plant, and make their report thereon.
AS soon as said Board of Appraisers
is chosen in any manner hereinbefore
provided, it shall proceed with all rea,
sonable dispatch to appraise the value
of said plant as Of the date of the
expiration of the term for which the
appraisal or purchase is proposed to
be made and to that end and for that
purpose may hear all competent evil
dence relative to such matters and
may examine all property of the gran
tee and shall have access to all gran
tees books, records and accounts. in
order to arrive at an understanding OF
the condition and value of the said
plant. The said Board of Appraisers
shall complete their examination and
investigation of said plant with all
reasonable dispatch and shall appraise
the same and submit a report in writ
ing of their APPRAISAL to the city and
said grantee. A decision of the ma
jority of said Board shall be binding
on both parties, provided. however
that nothing contained herein shall
obligate said city to purchase SAID
plant, but if said City shall elect tt
purchase said plant at the price fixeG
by the appraisers as aforesaid. it shall
make such election by an ordinance
passed within sixty days after the
coming in of the report of said ap
praisers. and said city shall have
eighteen months after such election
by the city to purchase. within which
to pay the price fixed upon. That sucl
purchase when consummated shall oD
crate to terminate this grant and al
the rights of the grantee hereunder.
Said grantee shalt retain possessio,