The Cordova daily times., 1916-05-22

within thirty days from the date or serving notice of intent to purchase, name and select one member as its representative or appraiser, and in like manner the said Cordova Power Company, it's successors or assigns, shall name and select it's representa- tive or appraiser. and the two thus named shall select within sixty days thereafter, a third member of said board, and the valuation of said tele- phone plant, as fixed by said board. shall constitute the appraised valua- ton hereinbefore mentioned; said ap- praisal and valuation shall be made by said board before the expiration of. the required one years notice of intent to purchase.
 In case said town of Cordova, after giving notice of intent to purchase. and after due appraisal of said plant. shall fail to complete the purchase of said plant within one year from the date of the rendering of the decision of the board of appraisers as to the valuation thereof, the said Town of Cordova shall not again exercise its option to purchase for period of five years from the date of said decision, and then only after due notice and appraisal as hereinbefore provided.
 Section 6. In consideration of the rights, privileges, authority and fran chise hereby granted. to the said Cor dova Power Company, it's successors and assigns, the said Cordova Power Company, it's successors and assigns, agrees to furnish telephone service to the said Town of Cordova at a rate not greater than two ($2.00) dollars per month, for a telephone in resi- dences, and four ($400) dollars per month for telephone in business houses and offices; and if any party lines are installed, for residences, not more than four telephones shall be upon one line.
 The said Cordova Power Company, it's successors and assigns, further agrees to enlarge and extend said telephone system as the growth and development of the said town shall require, during the life of this fran chise.
 Section '. The said Cordova Power Company further agrees, for itself it's successors and assigns, that during the life of this franchise, it shall an nually pay or cause to be paid into the treasury of the Town of Cordova percentage of the gross earnings of said plant as follows:
 Upon the first $1OOOO of gross earn ings in any one year, per cent.
 Upon gross earnings of between $1O,OOO and $15,OOO in any one year, 3 per cent.
 And upon gross earnings of over $15,O in any one year, 4 per cent.
 Providing, however, that any tax levied against said telephone plant or the franchise or privileges herein conferred, by the Town of Cordova, on the said Cordova Power Company, | it's successors or assigns, or any li- cense or tax imposed by the United States on said telephone plant or franchise and privileges herein con ferred by the Town of Cordova, that reverts to, or is covered into the treas ury of the Town of Cordova, shall be deducted from said percentage to be paid by said Cordova Power Company, it's successors or assigns, to the said Town of Cordova, and said percentage to be paid by said Cordova Power Company shall be to that extent re duced and diminished.
 Section s. That this grant is made for a period of fifty (50) years from the date of its acceptance as provided herein, at the expiration of which period all rights and privileges herein granted or conferred shall cease and terminate; but at the expiration of five years from the date of its acceptance as provided herein, upon the demand of either the town of Cordova or the Cordova Power Company, its success ors or assigns, there shall be read justment of the rates to be paid to the Cordova Power Company, its sue cessors or assigns, for telephones fur nished to consumers, which rate shall be determined and agreed upon by the
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