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l <br /> and is able, to expand its facilities at Its own <br /> expense, to meet the possible fstsre ids of <br /> Party of the first Part, or is Iles there?of# to <br /> negotiate with the latter for saws fern of expense <br /> sharing, or to notify Party of Uw first Part of <br /> said iaability and extend aw (1) y�e or for <br /> the latter to construct its ovn fol littes. <br /> 2. That Party of the First Part proposes to <br /> obtain its basic frenchiss undsr the authority <br /> of the ActSof the 1963 Indiana Legislature as <br /> sot forth in Chapter 190 thereof, (Burns Indiana <br /> Statutes ( 1951 Replacesiont) 55-4601-4615). and <br /> to conduct its operations in accordance therewith. <br /> Should the respective Water and Sewage Boards of <br /> Party of the Second Part, determine by appropriate <br /> resolutions that it would be in the best interest <br /> of Second Party to condemn the plant and equipment <br /> of First Party (Burns 55-4611), and such con- <br /> dounation occurs, then and in that event both Parties <br /> covenant that in the valuation duly assessed "no <br /> account shall be taken of good will for presumptie+s <br /> values growing out of the operation of" the utility <br /> operated by Party of the First Part as a going <br /> concern, all such values to rest with the" State <br /> of Indiana "by reason of the special and exclusive <br /> grants given such utility enterprises." Irrespective <br /> of elements used in determining value they "shall <br /> not include good will, going valet, or natural <br /> resources." ( *ordina in quotas from Burns 54-203) . <br /> PART FOUR - EXECUTION, AND AIPRCNAL <br /> It is understood and agreed that this contract is in all <br /> respects subject to the approval of the Co=on Council of the <br /> City of South Bond by duly adopted Ordinance",and this contract <br /> Is further subject to the grant of a Certificate of CoUveAIOACe <br /> 5 <br />