The journal. (Caldwell, Ohio) 1934-1961, 1949-10-13

in order to provide means for the
payment of all amounts to be PAID
by said Village under this contract,
the said Village in its annual budget
and taxation and appropriation ordi-
nances each year during the term of
this contract, obligates itself to include
and levy sufficient sum on all the
taxable property in said Village to pay
for the services so, furnished as afore-
said the proceeds of which levy snail
be placed in a fund to be designated
as the Electric Light Fund" and
held inviolate for that purpose.
Section H: In the event that the
above rates. which are minimum
rates-not maximum rates, shall prove
insufficient to enable said grantee to
earn, after payment of operating ex-
penses, maintenance and reasonable.
allowance for depreciation, a net re-
turn of six per cent (6R) upon the
reproduction cost of said utility after
making reasonable allowances for de-
probation of said utility since the
time of its installation, and after TAX
ing into consideration the adequacy
of the maintenance thereof, the Vll-
lage, by appropriate ordinances, shall
raise such rates sufficiently to produce
such return, as provided in Section
614-44 of the General Code of Ohio,
except that it shall not be necessary
for said Village to wait until one year
before the expiration of said period,
but the duty to increase shall arise
upon the request of the grantee forth
with, whereupon, in the event that
such action by the Village is not TAX
en-, complaint may be filed to the
Public Utilities Commission or its
successors in office and proceedings
had before said commission as pro-
vided in Section 6l4-44 ct seq. of the
r x@f
right to complain to said commission
shall be cumulative to its right to
enforce the performance of the above
imposed duty of Section 1928 of the
General Code of Ohio.
Section /: For the second ten year
period of this franchise, the rates to
be charged by said grantee shall be
fixed by the Council of said Village
by and with the consent of the gran
tee or, in the event of the inability
of the Village and grantee to agree
shall be such as may be fixed or de-
termined in accordance with the pro-
visions of the General Code of Ohio.
including Sections 614-20 and 614-32
thereof, but. in any event, the rates
shall be such as to enable the gran
tee to earn a minimum of six per
cent (6Gt) upon the reproduction cost
of said utility. less depreciation, as
hereinbefore provided, as determined
| by the Public Utilities Commission,
after payment of operating expenses.
maintenance and a proper allowance
for depreciation or replacement.
Section j: No rights herein granted
to the grantee to construct, maintain,
or operate said electric light plant
and system shall be construed as ex-
elusive or as preventing the Village
| from granting a franchise or privilege
to any other person, firm or corpora
| ton.
Section K: This franchise shall take
effect Immediately upon the confirm
alton by the court of the foreclosure
sale of the property covered by the
| mortgage of the Village of Caldwell
upon its electric light plant and sys-
tenn.
Section IA Each section of this or
dinance and each subdivision of any
section thereof is hereby declared to
be independent, and the finding or
holding of any section or subdivision
of any section thereof to be invalid
or void shall be deemed or held to
affect the validity of anv other sec
ton or subdivisions of this ordinance.
Section IS This ordinance is hereby
declared to be an emergency measure
necessary for the immediate preser-
walton of the public health, safety and
welfare in said Village and for the
further reason that the immediate ac-
QUESTION of the improvements to be
provided from the proceeds of the
bonds herein authorized is required in
order to provide ADEQUATE and &C.
onomical electric lisht. heat and pow
er to the Village of Caldwell and the
inhabitants thereof; wherefore this
ordinance shall be in full force and
effect from and Immediately after its
passage.
VIOLET MoRGAREIDGE.
Village Clerk.
Passed October 4, 1919.