The Cordova daily times., 1916-05-20

follows:
 Upon the first s25, 5000 of gross earn ings, in any one year, ? per cent.
 Upon gross earnings of between s25 ,OOO and 5000. in any one year, 3 per cent.
 Upon gross earnings of over $35,- 900, in any one year, per cent.
 Provided, however, that any tax levied against said electric light and power plant, or the franchise and privileges herein conferred by the Town of Cordova on the said Cordova Power Company, it's successors or as signs, or any license or tax imposed by the United States that reverts to the Town of Cordova or is covered | into the treasury of the Town of Cor dova shall be deducted from said per centage, and said percentage to be | paid by said Cordova Power Company | to the Town of Cordova shall be to that extent diminished and reduced.
 Section 10. That this grant is made for a period Of fifty (50) years from the date of it's acceptance as provided herein at the expiration of which period all the rights and privileges herein granted or conferred shall cease and terminate; but at the eXpir- ation of five (5) years from the date of the acceptance, as provided herein, upon the demand of either the town of Cordova by its Common Council or the Cordova Power Company, its successors or assigns, there shall be a readjustment of the rates to be paid to said Cordova Power Company. it's successors or assigns, for electricity furnished to consumers, which rate shall be determined or agreed upon by the parties hereto, if possible; if such agreement cannot be had by the parties hereto, the rate shall be arbi- trated by a board consisting of three (3): one to be appointed by the said Cordoya Power Company, one by the Common Council of said Town of Cor dova, both appointments to be made within thirty (3O) days after notice that such arbitration is desired, and the two so appointed shall, within sixty (6Ol days appoint a third, and such arbitration board, or a majority thereof, shall have full power to in crease or decrease the rates charged said consumers, and shall also have power to regulate and adjust the same as to what gate shall be just and equi- table. The determination of such board shall be final and binding upon both parties, and upon filing or a writ ten report by said board of 'arbitra- tion, with the clerk of said Town of Cordoya, said rates shall be deemed amended in accordance with such re port.
 Such adjustment or readjustment of rates may be made at the expiration of each subsequent five (5) years dur ing the life of this franchise, provid- ing all new rates so established shall allow the said Cordova Power Com pany, it's successors or assigns, the cost of operating and maintaining plant sufficient to supply the services then being rendered, and eight (8) per cent upon a sum equivalent to the cost of such plant Such cost of plant, together with cost of operating and maintaining the same, to be fixed by said board of arbitration.
 Section II. That the rights and privileges in this Ordinance granted are not exclusive rights and privileges, anu luc lO"H Oi NOiuoNu lCoNA 'Sh the right to grant franchises for the same purposes as herein contained to any other person or corporation; pro vided, that if such other franchises are granted on more favorable terms to the grantee, in respect to the per centages to be paid the Town of Cor doya under Section g of this Ordin- ance, then the percentages herein pro vided for under said Section g shall be changed to the same level as in said other franchises, said change to become effective at once upon the fill ing of written notice thereof by the Cordova Power Company, it's success ors or assigns, with the Common Coun- cil of the Town of Cordova.
 It being understood that the Cor dova Power Company in accepting this franchise valves the right to the