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HomeMy WebLinkAboutAuthorizing the Appraisal & Conveyance of Certain Water Rights Owned by City of South BendORDINANCE No 33 � Passed by the Common Council of the City of South Bend, me to-the*Mayor of the City of South Bend, Approved and signed by 7 Clerk President of Common Council Clerk ORDINANCE NO.� S3 6 7 AN ORDINANCE AUTHORIZING THE APPRAISAL AND CONVEYANCE OF CERTAIN VAIATER RIGHTS OWNED BY THE CITY OF SOUTH BEND, INDIANA. WHEREAS, the city of South Bend, Indiana, owns one hundred sixty (160) shares of stock in the South Bend Manu- facturing Company and by virtue of its property ownership along the west race of the St. Joseph river is entitled to approximately fifteen percent (150) of the water power on the wrist side,of said river; and, WHEREAS, said water power is not now being used by the City of South Bend and no possibility of use presents itself; and, WHEREAS, the city of South Bend is indebted to the Company Oliver Farm Equipment /of South Bend, Indiana, for expenses ad- vanced by said Company to the South Bend Manufacturing Company for maintenance and upkeep and the salary of a water commissioner; and, WHEREAS, the amount of said debt is approximately three thousand (C3,000 «00) dollars. NOW, THEREFORE, be it ordained by the Common Council of the city of South Bend, Indiana: Section 1. That the City request the St. Joseph Circuit Court to appoint appraisers as provided by law to appraise the value of the Cityx,s shares of stock in the South. Bend Manu- facturing Company. Section 2. That the Mayor of the city of South Bend, Indiana, is hereby authorized to transfer and make over the shares of stock owned by the City in said South Bend Manu- facturing Company, together with an easement of way over the real estate owned by the City of South Bend, Indiana, and to which is connected and attached the water rights represented by the foregoing shares, provided, however, that the sale of such shares shall not be for an amount less than the appraised value thereof. Section 3. That in the event the appraisal is equal to or less than the amount of the obligation of the city of South Bend to the said South Bend Manufacturing Company, then the said Mayor is authorized to make the transfer of stock as described under section two (2) hereof in exchange for a release of liability to the City, executed by and on behalf of the South Bend Manufacturing Company and the Oliver Farm Equipment Company. Section 4. This ordinance shall be in full force and effect from and after its passage by the Common Cduncil and its approval by the Mayor. let R 2nd READING° COMIIRTTEE OF THE WHOLE PUBLIO HEARING f Sal READING /� is /4 % NOT A?PRBYED REFERRED- CASSEP)