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& Water Company, a corporation, and all persons, associations and <br /> corporations having any right, interest or estate in said water works <br /> system, for the purchase of the water works system owned by the <br /> Averett Railway, Light & Water Company, as described and set forth <br /> in this ordinance, at a price not to exceed one million one hundred <br /> thousand ($1,100,000) dollars , including all engineering and legal <br /> expenses necessarily to be incurred in acquiring the same, and in <br /> the event said city council shall fail to agree with said corpora- <br /> tions, persons and associations upon a price to be paid therefor, <br /> the said city council is hereby authorized and directed to institute <br /> such proceedings as may be necessary to acquire said water works <br /> system by condemnation, at a price not to exceed the said sum. <br /> Section 8: That if the said proposition, as hereinbefore <br /> set forth, be adc,'pted and ratified by the voters of said city voting <br /> at said election, the city council of the city of Averett is hereby <br /> authorized to issue special water revenue fund bonds in the sum of <br /> one million one hundred thousand ($1,100,000) dollars, as mentioned, <br /> specified and described in Section 3 of this ordinance. Any or all <br /> of the bonds authorized by this ordinance may become payable at the <br /> option of the city of Averett, at any time after the expiration of <br /> fifteen years from the date thereof. <br /> Section 9; That there be and are hereby created in the <br /> treasury of the city of Averett two special funds, which shall be <br /> known as the"r',verett Water System Fund"and the". verett Water System <br /> Special Revenue Bond pundu.Into the Averett water System fund shall <br /> be paid the proceeds of all bonds sold under the provisions of this <br /> ordinance, and the entire gross revenues of said water system, inclu& <br /> ing a fair charge for water used by said city for all municipal pur- <br /> poses , together with such other funds as the said city, acting <br /> through its proper officers , may see fit to transfer thereto; and <br /> from the said Averett Water System fund shall be paid the entire <br />