2219 - 24 Regulate & fix price for East Ohio Gas

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Page #4 Meters of over 10-light capacity -- or meters having a rated capacity exceeding 29~ cubic feet per hour ......... $4.00 If, on test, any meter tested by the city is found to have error o~ more than three per cent (3~) fast, then the city shall return to the depositor the full amount of such deposit and the company shall pay to said city an amount eBual to one-half of the deposit so returned. an If, on test, any meter is found not to have an error of more than three per cent (3%) fast, then the city shall pay to the gas company an amount equal to one-half of the designated fee for its labor in connection with removing said meter, the balance to be retained by the city to cover its cost in making such test. Section §. The city hereby reserves to itself the right, at any time during the life of this ordinance, wh~¥er the city shall have legal power so to do, upon giving at least o~e year's notice in writing of its in~ent~bn so to do, to purchase and take over in its entirety, all the property then belonging to saidc company located within the city of Lakevoo~ Ohio, and in case such purchase is consummated, all the rights, franchises and privileges herein set forth, as well as those heretofore granted the company by the city of Lakewood, shall cease and determine. Upon the filing of such written notice with.the company, the company shall within the one year peri~, present a detailed statement of appraisal of their property and in case of inability of the city and the company to agree within ninety days thereafter on a sale and purchase price for said property, then the council of the city, within thirty (30) days, shall ~o notify the company and designate a person who shall act as arbitrator ~n the part of the city. The company shall, within thirty (30) days after receipt of this notice, designate an arbitrator and these two arbitrators shall appoint a third arbitrator who shall be chairman of the board of arbitrators, so constituted. In the event of the failure of the company to appoint its arbitrator within thirty days, the then United States Judge of the no~thern district of Ohio, eastern division, shalliname such arbitrator and likewise appoint the third arbitrator in the event the arbitrators designated on the part of the city and company do not agree on the third arbitrator within thirty (30) days after the appointment of both the company,s and city's arbitrators; the arbitrators to organize immediately and proceed with due diligence to hear such evidence as the parties hereto may care to present as to the fair going concern value of such property and determine such value as the fair and Just price to be paid by the city for said property$ provided, however, that in arriving at a value of the property, no franchise value shall be allowed or taken into consider- ation by said arbitrators in fixing their price. The costs of such arbitration to be met equally by the city and the company. The arbitmators shall fix their own fee, but in no case shall their compensation exceed one hundred dollars ($100.00) per day. When the arbitrators, or a majority of them reach a decision, they or such majority, shall certify their findings to the compmny and the city. It shall be the du~y of the city to make payment of the price so fixed within six months af£er notice of the findings. Upon failure so to do, all proceedings theretofore taken under this section shall be null and void and the city shall reimburse the company its share of the costs of the arbitration. And further, in case of failure on the part of the city to exercise its option of purchase and make payment as aforesaid within the six months period, said City shall be estopped for a period of two years from serving upon the company another notice of its election to purchase hereunder.