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336 <br /> <br />0etober 15, <br /> <br />ITEMIZED <br />COST TO <br />BE <br /> <br />CiT-f <br /> <br />INTER.~ EST <br />TO BE <br />PAID BY <br />CITY. <br /> <br />A 20~ Main across the Riversaand Berkley to correct to the Norfolk Dlsormb~t~on <br />System° <br /> <br /> Article 2. ~ne eJti~ted cost of the foregoing additions is ~1,800,000.00. <br /> <br /> Article 3. In making such additions to said ~ater Works system the Government <br />will sub, it to the City for c~m~ent its general plan or program~ for such of said <br />dltions as it may decide to make, and will, after the work is completed, furnish to <br />said~Ctty itemized statements of their actual cost. <br /> <br /> Article 4. The City shall pay semi-arnr~ally to the Goverr~ent interest at the <br />rate of five~(~%) per cent per annum~on the cost~of said additions as said cost shall <br />be paid by the Government, provided always that the ~mount of said interest shall not <br />exceed at the time of any interest payment and for the period covered by said payment, <br />one-half of the increase in gross revenue above the pre~ent gross revenue for a like <br /> · d from the present wa~er wor~s system; anm provzmed i~h?r tmat s~oulm the an- <br />perle , <br />retest for said period at 5% per ar~UUm exceed one-b~if o~ sa~d increase zn the gross <br />revenue for said period, then the amount to be paid to the Government by the City for <br />said period shall be l~r~ted to one-half of the said increase in the gross revenue for <br />said period. To simplify the operation of this contract and to avoid the complications <br />involved in frequent audits,it is further mutually agreed that for the purpose of this <br />contract t~ present gross revenue from saidwater works system shall be taken to be <br />at time rate of ~3~4,000. per annum. <br /> <br />APPPJ%ISAL Article 5. Three years after the~termination of the present war between the <br />oF PROP- United States of America and Germany the parties hereto ~nall cause an appraisal <br />ERTY. to be ~de as of that date with a view $o determining the then fair value as a going <br /> concern of the additions to said water works system hereinbefore referred to'in Ar- <br /> ticle l: having in mind the usefulness of said additions at that time or in the then <br /> reasonably near future: ~aid appraisal s~ll be made b~ a Board consisting of one dis- <br /> interested non-resident appraiser to be named by the Government and another ~to be~named <br /> by the City, the two %o have power, in case of ~isagreement, to ~e!~el~A~ third person <br /> to act as umpire. The value arrived at by the t~o appraisers first mentioned or by a <br /> majority of the three, if a t~ird s?~l! have to be cb~sen~ s~jall be binding upon be~ <br /> parties to this mcontract. The Board of Appraisers shall deliver to each of b~e par~mes <br /> hereto a report stating the value so found by it, <br /> <br /> Article 6. Within ninety days after the delivery of said report by the Board of <br />PURCHASE Appraisers to the parties hereto, the City shall purchase~from the Government the said <br />BY THE additions to the water works system by paying to the Government therefor, in cash er <br />CITY in such other manner as may.like, be mutu~.lty agreed upon, the amount of the value Of <br /> said additions as determined by saidB0ard of Appraisers. <br /> <br /> Article T. It is under~tood and agreed t~t this instrument is conditioned upon <br /> the City of the present water works system and it <br /> fails to become the ovauer of the said water works <br /> and Suffolk Water Compsmy~ <br /> <br />CONTRACT <br />CoNDiTIONthe completion of the purchase by <br />~ UPON shall be of no effect if the City <br />OV~q~ER- system of the Portsmouth, Berktey <br />SHIP OF <br />~AT~ WORKS <br /> <br /> W~NESS: The hands of the parties he~eto the day andyear first above m~itten, <br />all in triplte~'te. <br /> <br />b~TED STATES OF ~.~ERICA <br /> <br />Contracting Officer <br /> <br />By! -- <br /> <br />ATTEST <br /> <br />~ity Clerk.~' <br /> <br />be add the same is hereby approved and adopted, ar~ the proper officials of the City of Ports- <br />mouth are herS.bY directed to e~ecute the sa~d agreement in triplicate in the name of the City <br />o~ Portsmouth~~ <br /> <br />On motion, <br /> <br />said resolution was adopted, <br /> <br />~ud by the foliowing vote: <br /> Ayes-- Claud, <br /> C~lpepper, DeanS, N~nvey, Herbert, ~right, <br /> <br /> A petition of E~nest A. Grant for installatiqn of an electric light at the corner of Eighth <br />street knd Naval Place, was referred to the Department of ~blic Safety. <br /> <br />The Chairkm9~ of the Department of Finance presented a letter from the City ~f~nager, stating <br /> <br /> <br />