ducted only when representatives of both the City and the Municipality are present. Payments for all obligations of the Municipality accruing under the provi sions of this paragraph shall be due and payable on the twentieth of the month succeeeding the installation of equipment or the performance of the service provided for herein. PENALTIES (24) If any charge or payments provided for herein are not paid by the Municipality when due, and at the times and in the manner provided for herein, a penalty of one per centum (1%) of the amount unpaid shall be added thereto, and thereafter an additional penalty of one per centum (1%) of the amount unpaid shall be added on the twenty-first day of each calendar month thereafter during such delinquency. DISPUTES AND DISAGREEMENTS (25) Disputes or disagreements arising under this contract between the Municipality and the City shall be arbitrated by three arbitrators, except where otherwise provided in this contract. The Municipality shall name one arbitrator, and the City shall name one. These two shall name the third. If either disputant has notified the other that arbitration is demanded and that it has named an arbitrator, and if thereafter the other disputant fails to name an arbitrator for fifteen days, the Secretary of the Interior, if requested by either disputant, shall name such arbitrator, who shall proceed as though named by the disputant. The two arbitrators so named shall meet within five days after appointment of the second, and name the third. If they fail to do so, the Secretary will, on request by either disputant or arbitrator, name the third. A decision by any two of the three arbitrators shall be binding on the disputants and enforceable by court proceedings in accordance with the provisions of the then existing law or by the Secretary in his discretion. Arbitration as herein provided, or the failure of the arbitrators to render a decision within six months of appointment of the third arbitrator, shall be a condition precedent to suit by either disputant against the other upon the matter in dispute. TRANSFER OF INTEREST IN CONTRACT (26) No voluntary transfer of this contract, or of the rights hereunder shall be made without the written approval of the City acting through its Board of Water and Power Commissioners. Any successor or assign of the rights of either of the parties hereto, whether by voluntary transfer, judicial sale, foreclosure sale, or otherwise, shall be subject to all the conditions of the Boulder Canyon Project Act, and also subject to all the provisions and conditions of this contract to the same extent as though such successor or assign were the original 833942-50-25 contractor hereunder; provided that a mortgage or trust deed or judicial sale made thereunder shall not be deemed voluntary transfers within the meaning of this section. TITLE TO REMAIN IN CITY (27) It is agreed that nothing herein contained shall be construed as conferring upon the Municipality any control of or title in or to said transmission line, as defined herein, appurtenances or incidental works, or any portion thereof, and it is mutually understod that the title to, together with full and com plete control of, said transmission line and all appurtenances, incidental works and plants shall forever remain in the City or its nominee or assignee of the same, or any portions thereof. All payments made or to be made by the Munici pality pursuant to the provisions of this Contract shall be construed as constituting consideration for the right to the service to be rendered in generating and transmitting energy by the City in accordance with the provisions hereof. DURATION OF CONTRACT (28) This Contract shall not become effective for any purpose unless on or before November 16, 1931, two-thirds of the qualified electors of the Munici pality, voting at an election to be held for that purpose, shall have assented that the Municipality shall incur the indebtedness and liability provided for herein and shall have ratified the execution hereof. After having become effective this Contract shall remain in effect until the expiration of a period of fifty (50) years from the date at which energy is ready for delivery to the City, as announced by the Secretary. IN WITNESS WHEREOF, the parties hereto have caused this Contract to be executed the day and year first above written. |