The Birmingham age-herald., 1915-02-23

company.
 In consideration of this offer. it Is understood and agreed that prior to January l. 1921 the city shall not under take to acquire all or any part of said property of the water company by con demnation proceedings or in any method other than by appraisal as provided for in this section and nothing hereinafter contained shall be construed or consid- cred in any manner as relieving the city of this obligation on its part, except in the event that this offerN and the accept ance thereof should be invalidated by q referendum election as provided by law. in which event the city's right to con demn shall be and remain unimpaired.
 Should, however the city of Birming ham hereafter, and prior to January 1, 1921. undertake to acquire all or any part of said property of the water com- pany by condemnation proceedings, the water company upon the initiation of such proceedings shall have the right. by notice in writing to the city of Bir- min gham, to terminate and cancel this settlement and restore immediately it's contracts with the city of Birmingham and with the various suburban munich palities which have been absorbed 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 the right to have said property valued in such condem- nation proceedings as if this offer had not been made and accepted and in ad dition thereto, the city itself shall be required to pay unto the water company from and after April 1, 1915. in addition to the compensation herein provided for water supplied to it for municipal pur- poses and for fire hydrants, a sum equal to the difference between such compensation herein provid- ed and the charges for such uses as they existed prior to the submission of this offer.
 Four (D months notice in writing to be served at any time following the acceptance of this offer shall be given to the water company by the city of it's desire to exercise the right herein pro- vided to purchase.
 The water company shall thereafter. as soon as same can be prepared fur nish to the city an inventory as accurate as Is possible of all said property and shall appoint an agent who shall be fully authorized to agree with. the city upon the value of the same and to arr range for the transfer of the same, if an agreement is reached by the parties upon the price thereof Should no agree ment between the parties be reached
 
 hereinafter provided, to appraise all of said property, or. if both parties so agree, the appraisers shall determine only such matters as may be specifically submitted to them, or have not been agreed upon in writing by the parties themselves
 The board of appraisers shall be 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 honest, competent and non partisan. not residents of Jefferson county, nor taxpayers thereof, nor stockholders. bondholders, or in the employ of the water company or other wise interested therein.
 It is understood that the award so made by appraisal as herein provided shall give due consideration to all law ful and proper clements of value in con nection with or possessed by said prop erty including the commercial value of the business as a going concern as well as due consideration to all lawful and proper elements of depreciation and ap- preciation. in connection with the vaiu- alton of said property. but no allowance shall be made for any franchise or con tract.
 The appraisers shall have the right 10 examine any of the water company's books records documents and papers
 
 course of their Investigation.
 The award of the appraisers so se- 1ected, or ot majority of them made after investigation on their part. and after hearing the respective parties and delivered in writing, one copy to the city and one copy to the water com pany shall be final and binding upon the parties subject to the authorization of the necessary issue of bonds by the pllaliflpd electors pf n .it .t such award the city shall, within six months from the date of same, purchase and pay in cash for said property of the water company and the water company shall deliver same by suitable instru- ment of transfer and conveyance con taining the usual covenants of wai'- ranty conveying d good title
 The costs of the appraisal. including the reasonable fees and expenses of the appraisers and including the cost to the water company of making the inventory (the cost of such inventory to be ap- proved by the city engineer), shall be added to the award of the appraisers and if the city shall not purchase and pay for said property as herein pro- vided. the city shall pay said costs, fees and expenses.
 The parties shall agree on the con- pensation of the appraisers in advance of the appraisal. >-
 During the time between the date of the award and the date of purchase and payment by the city. as herein provided, should any improvements, enlargements extensions or any additions to capital account be made by the water company, the cost thereof to the water company shall be added to the amount of the award. and included in the cash pay ment but during said time no improve t,ao mt np1o ,.<r ,At,ts, ditions to capital account shall be mad 6 by the water company without the prior approval of the city .}l
 In the event of purchase by tipe city. of the said property shall he made to 1t as of the last day of some quarterly payment period of water bills within the said six months period. hut there shall be excepted from such trans fer all cash on hand, bills and accounts receivable of the water company, and all bills of the water company against the city then remaining unpaid shall be paid to the water company at the time of transfer; and all unpaid bills Tor supply of water to other consumers the city shall use it's best efforts to promptly collect for the water com- pany and shall seek to enforce their payment by the tenth day of the month following by disconttnuing the supplv or water in any case where necessary in order to collect the same and shall pay to the water company all such moneys 50 collected when and as received. The city may require the water company 10 nle written request that water sup ply be discontinued and furnish indem- nity against loss or liability by reason of such discontinuancs.
 All materials, supplies, stock and tools on hand, both for construction and op-