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NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1. That the offer of North Coast Transportation Company to <br /> surrender all of the rights and privileges now held by said company under <br /> certain franchises and to surrender to the city all street and interurban <br /> railway tracks now owned by said company which are located in any of the <br /> streets, avenues or other public places of said city, including all of the <br /> ties, rails id track accessories, and the offer of said company to pay the <br /> sum of $18,963.49 upon the terms stipulated in said offer for a full reβ€” <br /> lease from Sze obligations of said franchises, all as set forth in a <br /> written offer filed with the city clerk on the day of <br /> 1939, be, and the same hereby are, accepted, and the city treasurer is <br /> hereby authorized to accept payment of said sum from said company for the <br /> purpose aforesaid if paid within days after this ordinance takes <br /> effect. <br /> Section 2. That upon payment of said sum of $18,963.49 to the city <br /> treasurer within the time stated in Section 1 of this ordinance all of said <br /> street railway and interurban tracks shall be deemed to be, and they are <br /> hereby declared to be, for all purposes the property of said city. <br /> Section 3. That upon payment of said sum of $18,963.49 to the city <br /> treasurer within the time stated in section 1 of this ordinance the mayor <br /> and city clerk be, and they hereby are, authorized and directed to execute <br /> and attest on behalf of the city and to deliver to said company a release <br /> in the following form: <br /> Everett, Washington <br /> 11 , , 1939 <br /> North Coast Transportation Company having paid to the City of <br /> Everett the sum of 016,n3.49 pursuant to the terms of Ordinance <br /> No. passed by the City Council on then day of Agri l , <br /> 1939, as evidenced by the receipt of the City Treasurer of said <br /> city, the City of Everett does hereby release and discharge said <br /> North Coast Transportation Company from all obligations of every <br /> kind, except as below stated, arising out of or under any and <br /> every franchise heretofore granted by the City of Everett or by <br /> β€” 3 β€” <br />