The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1922-08-18

agreement that in no event shall the
award exceed $22j,0OO.O0, it is fur
thcr resolved that this offer is con-
ditiOncd upon its acceptance Oy the
CITY and notification thereby being
made to the Company within thirty
dnvS from the date hereof; the Pres
idrut is further authorized TO notify
the Corporation of Elizabeth City
that should the City acquire the
prcpcrtics of the Water Company,
or of the Sewerage Company or
10th that the Electric Company Will
enter into IN agreement should the
{ fty 80 desire to furnish light and
power at rates agreed upon by the
City and Electric Company or fixed
By the Corporation Commission.
The Water Offer.
BE il resolved by the Stockholders
Of the Elizabeth City Water and
Power Company in special meeting
assembled this 18th day of August.
l922. that the President of the
/ Company be and he is hereby direct
ed to notify the Honorable, the
Board of Aldermen of Elizabeth City
that the proposal made in the City'>
/ two communications to the Company
under date of June 21th. 1922. and
August 9th. 1922. has had careful
7 consideration. and that the Company
regrets that il cannot see its way
clear to accept S10J, 10000 for it,
plant and property for the good and
/ sufficient reason that this amount is
! far below the actual investment OF
/ the Company and so much less than
TIE present fair value of the prop
! crty: and the president is further
/ instructed to state to the Honorable
! the Board of Aldermen that if il
/ be the desire of said Board that the
/ Corporation of Elizabeth City should
own and operate the Water system
( of said City that this Company has
no desire or intention to defeat Ol
delay the cOnSummatiOn OF such
plan. but asks only that the Com
pany's rights and property have
that protection and security which
the law guarantees and the reputa,
+ tion of Elizabeth City for fair deal.
ing and just treatment well in.
/ SurcS; and further that in declining
/ the offer of $10j, 100000 made by the
City, that the President of this com
/ rany is authorized to tender to the
/ City, the property and plant by this
! company for the sum 12J.O0O.OO
/ which is very much less than ethel
the reproduction or the historical
! cost Of the property; that this Offer
is subject to the reasonable cOndi
! ton that notice of its acceptance bI
given to the Company within 30 days
from the date hereof; that the Pres
ident of the Company is instructed
TO inform the City that no difficulty
will be found in valucing and con
| vcying the land and property Of thC
/ Water Company as separate anC
distinct legal and operating entity
ard further this company has beel
, authorized and empowered by the
Electric Light Company of Elizabetl
/ City to state to the Corporation O
Elizabeth City that in the event thai
the City should acquire the proper
ty and plant of the Water Company
that the Electric Light Company i.
willing to enter into an agreement
| to supply current and power for the
/ operation of said water system un'
der thr most favorable contract
rates or at rates that the Corpora
/ tiOn Commission may deem just anC
reasonable to both said Company
and said City; and the President Is