The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1915-10-05

4, That if the electors of said City
snail ratlfy this proposal at the cleo
tlon so to be held and shall authorize
the issuance of said bonds, and said
bonds shall thereafter be issued in all
respects according to law and shall be
| and become valid binding obligation
OF SAID CITY free from controversy, the
said Waterworks Company shall bid
upon such an amount of such bonds at
par as shall be sufficient to cover the
sum to be paid it by the said City upon
| the purchase price, said bonds bear
ing in coupons, interest at six per
cent per annum, interest payable semi
annually. If said bonds shall be bid
| in at better price to the City, than
the bid made by said WaterWorks
| Company, and sufficient amount of
bonds be sold under such other bid to
pay the purchase price of said proper
ty and the money shall be received un-
der such other bid, then the City shall
pay the cash received from the pro-
| ceeds of such other bid to said Wa
terworks Company to the extent of the
| purchase price, but il no better bid
is made than that of said Waterworks
| Company the purchase price shall be
/ paid in bonds at par bearing interest
lat six per cent semi-annual interest.
4 5. The property which shall pass
+ fH5lders the sale proposed herein shall
4 be all right, title or interest owned
or claimed by said corporation in and
Ito all franchise, water rights,
/ reservoirs, machinery, pipes, pipe
/ lines, tools, implements, rights Of way
and easements, and any and all prop
| erty Of whatsoever kind or nature
or wherever situate, owned by it or in
| which it may have any right, title or
1 interest, except its cash on hand ac-
counts, past earnings causes in action
and all earnings to be acquired by it
during the period of this option for
the purchase of said property up to
| the end OF the four months or six
months period, as the case may be.
1t being understood that the Water
works Company has not had and now
has no interest in any part of the
Buena Vista addition
6. The Waterworks Company shall
pay such proportion of the taxes for
the years 1915 and 16 as shall be
represented by the portion of said
years during which it shall operate
said plant, and the said City shall pay
the balance Of the taxes for said years.
Z. The property shall be turned
over to the City free and clear of all
membranes. The city council shall
| by appropriate action and so far as it
may legally be done pledge the net in
come from the operation of the water
system to the payment of principal
and interest of the bonds
s. 1t is agreed that the City shall
waive all claim it may have against
said Waterworks Company for the
damage to and subsistence in the pave
! in Block ....... in the said
City on Shoshone street and between
.-........-........-- and
avenues west in said City, and it is
! also agreed that in consideration Of
such waiver by the City said Company
shall waive all claims against the
said city and Twin Falls Independent
School District No. for water fur
nished and unpaid for and in centro-
versy between the said City and School
District and said Company
g. 1t is agreed that upon the accep-
tance of this offer. subject to ratifica-
ton, by said Waterworks Company
! the city of Twin Falls shall take such
steps as are necessary to hold in abey-
ance the proceedings now pending be-
fore the Utilities. commission of the
state OF Idaho, under petition of said
city for Certificate of Necessity and
Convenience to build its own water
works.