The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1915-10-26

of the Twin Falls Waterworks Com
pany, Limited, located in the said
City Of Twin Falls.
WHEREAS, certain officials of the
City of Twin Falls have been in COM
munication with the officials of the
said Waterworks Company in an ef-
fort to arrive at such price and terms
for the purchase and sale Of said wa
terworks system an would be salts
factory to the citizens and taxpayers
of said City, and
WHEREAS, the result of such ~
gotiations has brought about an APP
prevail OF the Water Company of such
prices for its plant and such terms of
payment as the majority of the said
Council believe will be ratified Ivy the
electors of said city.
Now, therefore, be it resolved by
the City Council of said City of Twin
Falls, that an offer be and the same
is hereby made, by said City to said
Twin Falls Waterworks Company,
Limited for the property and water
works system Of said last named cor
poration located within and near the
City Of Twin Falls, subject to ratifi-
cations by the qualified electors of
the said City of Twin Falls to be
expressed at special election to be
held for that purpose, as follows:
l. Said City, upon the acceptance
of this proposal In writing, shall have
and be thereby given an option by said
Waterworks Company, in conisdera-
ton of a compromise of the differen-
ces and controversies existing be-
tween said City and said Company. to
purchase at any time within six
months from the first day of October,
1915, the system and property of said
Company, hereinafter described, for
the sum of eighty Thousand dollars,
or to purchase the same at anytime
within a period Of four months from
said first day of October, 1915, for the
sum of eighty-two thousand five hun
dred dollars.
g 1t is agreed that the Waterworks
| Company shall operate and maintain
said system as now being operated
and maintained until said plant shall
be taken over in conformity to one
or the other OF the two options above
mentioned and shall have and retain
all the earnings and receipts there
from during the time of such opera
ton, that is to say, if the said City
elects to accept the option to purchase
under the four months period the said
Company shall have all the earnings
and receipts for the full period of
four months from October first, 1915,
and if the said City shall elect to ac-
cept the option to purchase under the
six months period, said company shall
have the earnings and receipts for the
full period of six months from Octo-
Der LIST, 1915, it being understood that
the Waterworks company is not re-
CURED to turn over the plant until it
shall have received the full purchase
price.
g. If said Waterworks Company
shall signify it's acceptance of this
proposal in writing, subject to ratifi-
| cation as aforesaid, said City shall
| call a special election as soon as may
be consistently done, taking into con-
sideration the care necessary to be
taken to comply with legal, proceed
| ings, to ratify or reject this proposal
and to authorize the sale of bonds of
said City sufficient in amount to pay
| for said property and to build such
additional works and to make such
| repairs and betterments to the pres
ent system as may be necessary.
| d, That if the electors of said City
| shall ratify this proposal at the cleo
ton SO to be held and shall authorize
| the issuance of said bonds, and said
| bonds shall thereafter be. issued III all
! respects according to law and shall
! be and become valid and binding
/ obligation to said City, free from con-
| troyersy, the said Waterworks Com
pany shall bid upon such an amount
| of such bonds at par as shall be suffi-
| cient to cover the sum to be paid it
by the said City upon the purchase
/ price, said bonds bearing, 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 a
4 sufficient amount of bonds be sold un-
der such other bid to pay the pur-
chase price of said property and the
money shall be received under such
/ other bid, then the City shall pay the
| cash received from the proceeds OF
such other bid to said Waterworks
Company to the extent of the pur-
/ chase price, but if no better bid is
made than that of said Waterworks
company the purchase price shall be
paid in bonds at par bearing interest
at six per cent semi-annual interest
5. The property which shall pass
under the sale proposed herein shall
be all right, title or interest owned
or claimed by said corporation in and
to all franchises, water; 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 oil
wherever situate owned by it or in
which it may have any right title, OF
interest, except its cash on hand, ac-
counts, past earnings, chooses in action