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• <br /> • <br /> • <br /> Section 7. In consideration of the right,privilege and franchise <br /> herein granted,the said grantee,its successors and assigns,agrees to pay to <br /> the City of Everett,annually a sum of money equal to two per cent of the <br /> annual g gross ear i s from the op ation of said system and the sale of <br /> steam,1 sworn statement of an officer <br /> of the grantee,whith shall be filed with the City Clerk 'within sixty days <br /> after January let of each year,showing the amount of such earnings for the <br /> calendar <br /> preceding/year. The City Clerk and/or any other officer,agent or employee of <br /> the City appointed by the City Council for that ptsepose shall have the <br /> right to examine the books of the grantee,its successors and assigns,and <br /> for such purpose to compel the production of all books,papers,records and <br /> documents pertaining to such statements and to verify the correctness of <br /> said statement and to correct the same if found to be erroneous. If said <br /> statement shall be corrected,then said payment shall be adjusted accord- <br /> ing to such corrected statement. The amount of the compensation determined <br /> as above outline$l,shall be paid to the City not later than April 1st of <br /> each year,to cover operations of grantee hereunder for the preceding cal- <br /> endar year. The grantee also agrees to promptly pay monthly all amounts <br /> due the City for water furnished to grantee,its successors and assigns <br /> during the life of this franchise. <br /> Section 8. This franchise is made expressly subject to the con- <br /> dition that the Council shall have the.-following rights with respect to the <br /> said franchise: <br /> (a) To require of the grantee, the filing of rates,rules and <br /> regulations governing its operations under the terms of this franchise. <br /> and determine <br /> (b) To hear/what are just,fair and reasonable rates and charges <br /> for public service and to order that only reasonable charges shall be im- <br /> ' posed. The granting of this franchise shall not be deemed to confer any <br /> right to include in the charge for service any return upon the value of <br /> the franchise so granted. <br /> _4_ <br />