HomeMy WebLinkAboutOrdinances Book 7, Page 437, No Resolution NumberNo._`� r
Ordinance Na._
T,1ET,1OW_IVDMT OF AGREI;.EiL', between the CITY OF PADUCAH, Yentuc:cy, acting
by and through its 1.4ayor, duly empowered and authorizod so to do, by a
resolution of the Board of Commissioners of said City, parties of the
first part, and the PADUCAH WATER COM?ANY, acting by and throuSh :iuscoc
Barnett, its Superintondent, duly and regularly authorized to act for and-
on
ndon behalf of said ';later Company, by a resolution o_" the Board of Directors
of said Paducah '.'later Company, party of the second part:
-: !7 I T Td E S S E T H: -
That in September 1284, the City of Paducah adopted an ordinance
establishing a franchise, authorizing and empowering J. A. Jones, of St.
iouis, .isso= i, his associates, successors or assigns, to establish,
erect and maintain a system of waterwor'_.s in the City of Paducah, which
ordinance provides, exnong other things:
"That the City shall have the option and privileoc at
the expiration of five years from the passage of this
ordinance, and at the expiration of every five years there-
a=ter, upon givin six months' notice, in = iting, to
purchase said water -works and all property connected
there"�:ith, at a fair valuation."
and which ordinance likewise provides that if the City and said Jones, his
associates, successors or assigns fail to agree on the price, "three
disinterested experts, not residents of the County of I,TcCracken, nor
interested in the water -works in any way, shall be chosen and svrona to
determine the value, one to be appointed by the City, one by said Jones,
his associates, successors or assigns, and the other by the two arbitrators
so a-opointed," and said ordinance further :provides that "within six -months
after the date of -such award, the City, at its option, shall pay to said
Jones, his associates, successors or assigns, the full amount of said
valuation, in bonds of the City of Paducah, issued by her proper authorities,
bearing interest at five per cent per annum, interest payable semi-annually,
at the office of the treasurer of the City of Paducah, said bonds to be due
thirty years after date, and payable at the option of the City at any time
after ten years."
The City of Paducah desiring to exercise the option granted to it in
said ordinance, and the interested parties being of the opinion that the
City cannot within six months from the period vihon she is required to give
notice under the terms of said ordinance, submit the right of the City to
issue bonds to the vote of the people of Paducah, and if adopted at an
election to be held for such purpose, thereafter and within_ said time,
issue the bonds of said City in payment of the award of said arbitrators,
under the terms of said ordinance, and the City desiring to have said water-
works plant appraised for the purpose of ascertaining tho value thereof,
with the view of submitting the question of purchase thereof to the voters
of the City of Paducah, the parties hereto contract and agree as follows:
That they will each name an expert water -works engineer as arbitrator
during the last week of September, or the first week of October, 1919, to
No.) "L
Ordinance
value all property owned by said water -works, as contemplated under said
drd.inance, with the view of the City exercising its option under the
terms Of said ordinance, and said parties further agree that notwithstanding
said ordinance provides that said experts, or a majority of them, shall,
in writing, complete their award within six months after their appointment,
that the experts appointed under the terms of this agreement shall proceed
to perform the duties imposed upon them by this ordinance and shall, in `
writing, determine the -Pair value of all of the property of said vrater-
works company, and report the same to the City of Paducah on the first day
of July, 1920.
The purpose of this agreement being to enable the City of Paducah
to ascertain the value of the Paducah Plater Co,.ipa.ny property, and to submit
the question of the purchase, or acouisition, thereof, and the issual of
bonds to pay for same, to the voters of the City of Paducah, and in the
event it is determined by the voters of the City of Paducah in Rovember,
1920, to acquire said water -works property and to issue bonds in payment
of same, to complete the payment therefor, as required by said ordinance,
and in the time required by it.
This Harch 29, 1919.
CITY OF PADUCAH
r nT �� ✓!
. By (Signed) Frank ri. Sums;
Ii ayor .
P_ADUCAH l7ATE? CO;;iPP_idY
r- By (Signed) Iiuscoe Burnett
Superintendent.
(Foregoing agreement filed by the Board- of Commissioners on i.Larch
29th, 1919, and Clerk ordered to record same in Ordinance book.)