Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1922-11-18

before the said first day of January,
1928. The company further agrees to
sell to the city all materials and sup
plies, reserved as above stated, at the
cost thereof to the company.
The undersigned agrees that it will
operate the said utility until the date
of payment of such price. All moneys
received from the operation thereof
prior to the first day of October, 1922,
shall, however, belong to the company
and all receipts from the operation
thereof after that time shall be held
in trust for the city and be turned
over to the proper representatives up
on his demand at the time or after the
utility shall have been purchased by
| the city as herein provided.
The company may, however, with
hold from any funds so received, all
expenses necessarily incurred for wa
ter, labor or materials used in oper-
alton, upkeep, repair and maintenance
of said utility from said first day of
October, 1922, until the date Of the
taking over of said utility by the city.
The company agrees to deliver to
the city good titles to all said prop
erty free and clear of all liens and
membranes.
1t is further provided that if the
city shall not have completed the pur-
chase Of the said property on or prior
to the first day of January, 1923, this
offer shall be deemed withdraw.
Very truly yours,
Lake Superior District Power Co.
By w. J. Hodgkins, Superintendent.
Resolution
WHEREAS, the Lake Superior Dis
trict Power Company has by written
proposal offered to sell to the City of
Hurley for the sum of Forty five
Thousand Dollars ($45, 000.O0), being
Thirty-fve Thousand Nine Hundred
Forty Dollars ($35, 940.00) for the
general property and Nine Thousand
Sixty Dollars ($9,O6O.OO) for the wa
ter meters owned and installed,-the
personal and real property in the City
of Hurley, constituting the Hurley
Water Utility and more particularly
hereinafter described, for cash pay
able on or before January LIST, 1928,
and
WHEREAS, it is deemed desirable
that said property be purchased by
the City Of Hurley upon the terms
and conditions in said offer set forth;
1T Is RESOLVED that the said
property is worth the sum of Forty five
Thousand Dollars ($45, OOO.OO), which,
it has been agreed with the owners, is
the value thereof, and that the offer
of said company, be, and the same is
hereby accepted and the City of Hur-
ley does hereby agree to purchase the
property hereinafter described upon
the terms hereinafter stated, subject
to the approval Of the voters of the
City of Hurley upon a referendum of
said matter; and
RESOLVED FURTHER that the
said property in said offer described,
being the real and personal property,
constituting the water utility of the
Lake Superior District Power Com
pany in the City of Hurley be pur-
chased by the City Of Hurley for the
sum Of Forty-fve Thousand Dollars
sand Nine Hundred Forty Dollars
\Poo,o1V.ooJ lOI Iiie SciIcIdI pIopeIIy
and Nine Thousand Sixty Dollars
100000 for the water meters own
ed and installed, payable on or before
January LIST, 1923, or thereafter if the
time be necessarily extended, and
that from and after October LIST, 1922,
the said company continue to operate
said plant and collect the revenue
therefrom and hold the funds collect
ed for service and water furnished
after October LIST, 1922, in trust for
the benefit of the city and to become
the property of the city upon the pur-
chase of and payment for said water
utility as herein provided. The said
Lake Superior District Power Com
pany shall withhold from the funds so
received all expenses necessarily in
Cured for water, labor or material
furnished and used in the operation,
upkeep, repair, and maintenance of
said water utility from the first day
of October, 1922, to the date said uil-
ity is taken over by the city.
1T is FURTHER RESOLVED that
said payment be made as soon as
funds are available and upon tender
by the said company of good title
W Vic pIOpSICy w U0 81 puICudSeu,
free and clear of all liens and incum
brances and that funds for the pay
ment of said purchase price be raised
by issuing municipal bonds of the City
of Hurley bearing interest at the rate
of per cent per annum and payable
both as to principal and interest at
such time and in such manner as may
hereafter be determined in accordance
with the statutes in such case made
and provided;
AND RESOLVED FURTHER that
the following question: "Shall the
City of Hurley purchase from the
Lake Superior District Power Co. for
the sum of Thirty-fve Thousand Nine
Hundred Forty Dollars ($35, $4,000
all pipes, mains, hydrants, gauges,
gates, valves, standpipes, lands and
easements, and for Nine Thousand
Sixty Dollars ($9,06O.OO) all meters,
now owned, used and installed as
part of the water utility in the City of
Hurley or used in connection there
with, except supplies, materials. tools
and office fixtures and supplies now
owned and kept for use in the opera
ton, maintenance and repair of said