The Birmingham age-herald., 1915-02-02

mingham, to terminate and cancel this settlement and restore immediately It's contracts with tho city of Birming- ham and with the various suburban municipalities which have been ab- sorbed by the city of Birmingham to full force and effect as they existed prior to the submission of this offer. or the water company shall have tLa right to have said waterworks. rights and property valued in such condemn alton proceedings as If this offer had not been made and accepted and ,n addition thereto the city itself shall
 be required to pay unto the water company from and after April l, 1915,
 in addition to the compensation herein provided for water supplied to it for municipal purposes and for fire hy- drants: sum equal to tho difference between such compensation herein pro- vided and the charges for such uses as they existed prior to the submission of this offer.
 -Four (D months notice In writing shall be given to the water company by the city of its desire to exercise tho right herein provided to have an ap- praisal and to purchase. Tho water company shall thereafter, as soon as same can be prepared, fur nish to the city an inventory as ac- ourate as Is possible of all of It's water works. rights and property of every character and description and shall ap- point an agent who shall be fully au- thorized to agree with the city upon the value of the same and to arrange for the transfer of the same, If an agree ment is reached by the parties upon the price thereof Should no agreement between the parties be reached, then appraisers shall be appointed. as here inafter provided. to appraise all of said Pi hfss fs xl 1T both parties so agree, the appraisers shall determine only such matters as may be specifically submitted to them or as have not been agreed upon in writing by the parties themselves
 The board of appraisers shall bs chosen, two by the city, two by the wa ter company. and the fifth by the four so chosen. They shall be entirely dis- interested. not residents of Jefferson county, nor taxpayers thereof, nor stockholders. bondholders or in the en- ploy of the water company, and they shall also be competent engineers who are generally recognized as experienced in this line of work
 Award Shall Be Final
 The award of the appraisers so se- leeted or of a majority of them, made after investigation on their part and after hearing the respective parties and Hks city and one copy to the water company, shall be final and binding upon the par ties and at such award the city shall, within six months from the date of same purchase and pay In cash for said waterworls. rights and property or the water company, 1t being under stood that the award so made by ap- praisal as herein provided shall give full consideration to. and due allowance snail be made for. all elements of value. including the commercial value of the business as going concern, but no specific allowance shall be made for any 
 me costs of the appraisal. including the cost to the company of making the inventory, shall be added to the award or the appraisers and If the city shall not purchase and pay for the waterworks. rlghts and property as herein provided the city shall pay the costs of the ap- praisal. including the cost of said inven- tory.
 In the event of purchase by the city. transfer Of the waterworks, rights and property shall be made to 1t as of the last day of some quarterly payment period within the said six months period but there shall be excepted from such transfer all cash on hand, bills and accounts re- ceivable of the water company, and all bills for supply of water to the city then
 
 water company at the time of transfer
 If the city shall elect not to take and ray Tor the waterworks, rights and prop erty at the appraised value within the time and as herenbefore provided then i've years from the date of the award of the first appraisal, and at each recurring period of five years thereafter. 1t shall have the right to have an appraisal and to purchase In the same manner and on the same conditions applicab ble to the first ap- praisement as hereinbefare stated. which right shall continue so long as the said waterworks, rights and property shall not pave been sold and transferred to the city.
 Tt is understood that by the acceptance of this offer the city will not waive, lose, prejudice or affect any present pr future right or power, if any, which it would otherwise have to construct and to operate municipal waterworks plant or plants, nor shall any of the rights of the water company as to these things. under ts constructs aforesaid with the city be Affected by this offer or the acceptance thereof"